EPFO’s August 2024 Payroll Data Highlights
The Employees’ Provident Fund Organisation (EPFO) has shared its provisional payroll data for August 2024, showing a net addition of 18.53 lakh members. This marks a 9.07% increase compared to August 2023, indicating more job opportunities and better awareness of employee benefits.
New Membership Growth
In August 2024, EPFO enrolled 9.30 lakh new members, a 0.48% rise from the previous year. The 18-25 age group made up 59.26% of these new members, with 8.06 lakh joining the workforce for the first time.
Rejoining Members
Approximately 13.54 lakh members exited and rejoined EPFO, showing a 14.03% growth from August 2023. These members chose to transfer their funds rather than settle, ensuring long-term financial security.
Female Membership Increase
Out of the new members, 2.53 lakh were female, a 3.75% increase from the previous year. The net addition of female members was 3.79 lakh, reflecting a 10.41% growth, highlighting a shift towards a more inclusive workforce.
State and Industry Insights
Maharashtra led with 20.59% of net member additions. States like Karnataka, Tamil Nadu, Haryana, Delhi, Gujarat, Telangana, and Uttar Pradesh also contributed significantly. Industries such as trading, engineering, construction, and agriculture saw notable growth, with 40.36% of new members from expert services.
The data is provisional as updates are ongoing, with EPFO releasing payroll data since April 2018.
Doubts Revealed
EPFO -: EPFO stands for Employees’ Provident Fund Organisation. It is a government organization in India that helps employees save money for their retirement.
18.53 Lakh -: 18.53 Lakh means 1,853,000. In India, a lakh is a unit in the numbering system equal to one hundred thousand.
Net Additions -: Net additions refer to the total number of new members added after accounting for those who left. It shows the overall increase in members.
Maharashtra -: Maharashtra is a state in western India. It is one of the most populous and economically important states in the country.
Provisional Data -: Provisional data means the information is not final and might change as more details are collected or verified.
