Data Alert
EPFO net adds 1.95 mln subscribers in May, up 20% on year
This story was originally published at 19:41 IST on 20 July 2024
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NEW DELHI – The Employees' Provident Fund Organisation net added a record 1.95 mln subscribers in May, up 19.6% on year, according to data released today by the labour ministry. EPFO had net added 1.89 mln subscribers in April.
"This surge in membership can be attributed to numerous factors, including increased employment opportunities, a growing awareness of employee benefits, and the effectiveness of EPFO's outreach programs." the ministry said.
Of the 1.95 mln subscribers added in May, around 985,000 came under the social security cover of the EPFO for the first time. The age group of 18-25 years constituted 58.4% of the total new members added during the month. "This is in consonance with the earlier trend which indicates that most individuals joining the organised workforce are youth, primarily first-time job seekers," the ministry said.
The first-time members included around 248,000 female members. The net female member addition during the month was around 369,000, which was 17.2% higher than the previous year. Around 1.41 mln members exited but rejoined EPFO by switching their jobs within the establishments covered by the organisation in May.
Monthly comparison of industry-wise data displayed growth in members working in establishments engaged in expert services, building and construction industry, garment making, and textiles. Of the total net membership, around 42.3% addition is from expert services. End
Reported by Shubham Rana
Edited by Ashish Shirke
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