New Delhi, DHNS: The Employees’ Provident Fund Organisation (EPFO) recorded a net addition of 19.94 lakh members in July, the highest-ever monthly increase, led by a sharp jump in five states Maharashtra, Karnataka, Tamil Nadu, Haryana, and Gujarat, official data showed on Monday.
The EPFO added 10.52 lakh new members in July 2024, representing a 2.66 per cent increase over June 2024 and a 2.43 per cent rise compared to July 2023. “This surge in new memberships can be attributed to growing employment opportunities, increased awareness of employee benefits, and EPFO’s successful outreach programmes,” the Ministry of Labour & Employment said in a statement.
Nearly 14.65 lakh members, who had exited the system, rejoined EPFO in July. This figure represents a 15.25 per cent year-on-year increase. These members opted to transfer their provident fund accumulations rather than withdraw them.
Five states Maharashtra, Karnataka, Tamil Nadu, Haryana, and Gujarat accounted for 59.27 per cent of the total net member additions in July 2024, collectively adding 11.82 lakh members. Maharashtra led among the States/UTs, contributing 20.21per cent of the total new members.
The highest growth was observed in the 18-25 age group, with 8.77 lakh net addition during the month under review. This age group represents 59.41per cent of all new members added during the month.
Published 24 September 2024, 02:56 IST