Employees’ Provident Fund Organisation (EPFO) has added 18.92 lakh net members in the month of April 2024. The addition during the month is the highest since the first payroll data was published in April 2018, as per the official statement.
EPFO has added that around 8.87 lakh new members have enrolled during April 2024. According to the data, employees between 18-25 age are the major constituents of this addition, with a little over 55 per cent of the total new members added in April 2024, reflecting greater participation of youth and first-time workforce joiners.
The share of women in the new members stood around 2.49 lakh out of total of 8.87 lakh new members, indicating a broader shift towards a more inclusive and diverse workforce.
An increase of 31.29 per cent has been registered in net member addition during April as compared to the previous month of March 2024.
On a year-on-year basis, a growth of 10 per cent has been observed in net member additions compared to same month last year.
Maharashtra, Karnataka, Tamil Nadu, Gujarat and Haryana are among the top 5 states where the net addition of employees was higher. These states constitute over 58 per cent of net member addition, adding a total of 11.03 lakh net members during the month. Maharashtra remained on the top spot, adding 20.42 per cent of net member additions during April.
Sectors such as expert services, trading-commercial establishments, engineering service providers, the real estate industry, and education saw the highest growth in new employee enrolment.
Of the total net membership, around 41.41 per cent addition is from expert services (consisting of manpower suppliers, normal contractors, security services, miscellaneous activities, etc).
(This news report is published from a syndicated feed. Except for the headline, the content has not been written or edited by OpIndia staff)
