– EPFO added net 19.5 lakh members in May, 2024
New Delhi, 20 July (Tezzbuzz). The Employees' Provident Fund Organization (EPFO), the body that manages the retirement fund in the country, has added a record 19.50 lakh net members in the month of May. More than 58 percent of the total new members added in May are in the age group of 18-25.
The Ministry of Labor and Employment said in a statement issued on Saturday that a record 19.50 lakh net members were added in May. This number is 19.62 percent more than May 2023 on an annual basis. According to the data, about 9.85 lakh new members have enrolled during May 2024. There has been an increase of 10.96 percent in new members as compared to April 2024, while on an annual basis it has increased by 11.5 percent.
According to payroll data, about 14.09 lakh members had left EPFO, who later rejoined. According to gender-wise analysis of the data, about 2.48 lakh new members added during May were women. This figure is 12.15 percent more than May 2023. During this period, net 3.69 lakh women members joined. In the state-wise data of payroll, Maharashtra, Karnataka, Tamil Nadu, Gujarat and Haryana have seen the highest increase in members.
According to the ministry, the highest number of members increased in the month of May since the first payroll data of EPFO was released in April 2018. The age group of 18-25 has a share of 58.37 percent of the total new members added in May 2024.
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Tezzbuzz News / Prajesh Shankar / Prabhat Mishra
