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EPFO Adds 18.53 Lakh Net Members During August 2024

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9.3 Lakh New Members Enrolled with EPFO during August 2024

The Employees’ Provident Fund Organisation (EPFO) on 20 October released provisional payroll data for August 2024, revealing a net addition of 18.53 lakh members in the month of August 2024. This represents a 9.07% year-on-year growth compared to August 2023, signifying increased employment opportunities and heightened awareness of employee benefits, bolstered by EPFO’s effective outreach initiatives.

New Membership:

EPFO enrolled around 9.30 lakh new members in August 2024, representing an increase of 0.48% in the new members from the previous year in August 2023. This surge in new memberships can be attributed to growing employment opportunities, increased awareness of emp1oyee benefits, and EPFO ‘s successful outreach programs.

Growth in Female Membership:

Gender-wise analysis of payroll data unveils that out of the new members added during the month, around 2.53 lakhs are new female members. This figure exhibits year-over-year growth of 3.75% compared to August 2023. Also, the net female member addition during the month stood at around 3.79 lakh. It reflects a year over year growth of 10.41% compared to August 2023. The surge in female member additions is indicative of a broader shift towards a more inclusive and diverse workforce.