EPFO net member addition up 9.33% to 18.81 lakh in September

New Delhi: Retirement fund body EPFO logged 9.33 per cent growth in net member additions in September at 18.81 lakh compared to the year-ago month, showed payroll data released on Wednesday.

Employees' Provident Fund Organisation (EPFO) enrolled around 9.47 lakh new members in September 2024, representing an increase of 6.22 per cent over September 2023, the labour ministry said.

This surge in new memberships can be attributed to growing employment opportunities, increased awareness of employee benefits and EPFO's outreach programmes, it noted.

According to the statement, EPFO has released provisional payroll data for September 2024, revealing a net addition of 18.81 lakh members.

This represents a 9.33 per cent year-on-year (YoY) growth compared to September 2023, signifying increased employment opportunities and heightened awareness of employee benefits, bolstered by EPFO's effective outreach initiatives.

A noticeable aspect of the data is the dominance of the 18-25 age group, which constituted a significant 59.95 per cent of the total new members added in September 2024.