EPFO net new member additions rise 9.07% to 18.53 lakh in August

New Delhi: Retirement fund body EPFO’s net new member additions increased 9.07 per cent to 18.53 lakh in August, compared to a year ago, according to payroll data released on Sunday.

Employees’ Provident Fund Organisation (EPFO) enrolled around 9.30 lakh new members in August 2024, representing an increase of 0.48 per cent from August 2023, a labour ministry statement said.

According to the provisional payroll data for August 2024 released by the EPFO, there was a net addition of 18.53 lakh members in August 2024, representing a 9.07 per cent year-on-year growth.

A noticeable aspect of the data is the dominance of the 18-25 age group, constituting a significant 59.26 per cent of the total new member additions in August 2024.

In addition, the net payroll data for the age group 18-25 for August 2024 was 8.06 lakh.

This is in consonance with the earlier trend which indicates that most individuals joining the organized workforce are youth, primarily first-time job seekers, it stated.

The payroll data highlights that approximately 13.54 lakh members exited and subsequently rejoined EPFO.

This figure depicts year-over-year growth of 14.03 per cent.

These members switched their jobs and re-joined the establishments covered under the ambit of EPFO and opted to transfer their accumulations instead of applying for final settlement thus, safeguarding long-term financial well-being and extending their social security protection.