EPFO logs 20 lakh new members

New Delhi : Retire mentfund body EPFO recorded a net addition of 19.94 lakh members in July this year, the labour ministry said on Monday. Union Labour Minister Mansukh Mandaviya said at a press conference that 10.52 lakh new or first-time workers subscribed to social security schemes run by Employees’ Provident Fund Organisation (EPFO).

The minister said almost 20 lakh net new members addition (19.94 lakh) was recorded in July this year. He also informed that 8.77 lakh members added in July are in the age group of 18-25 years. Nearly 6.25 lakh members aged between 18-25 years are first-time workers or new joinees, according to the latest data.

About 59.4 per cent of new joinees fall in the 18-25 age bracket. The data shows that employment of young people has increased. He also informed that 4.41 lakh female members were added by EPFO in July which includes 3.05 lakh new joinees.

The Minister pointed out that female employment has also increased. A labour ministry statement said that EPFO added 10.52 lakh new members in July 2024, representing a 2.66 per cent increase over June 2024 and a 2.43 per cent rise compared to July 2023. This surge in new memberships can be attributed to growing employment opportunities, increased awareness of employee benefits, and EPFO’s successful outreach programmes, it stated. According to the statement, approximately 14.65 lakh members who had exited the system rejoined EPFO in July.