Social security body Employees' Provident Fund Organisation added 18.92 lakh net members in April, the highest since the first payroll data was published six years ago, as per provisional figures released on Thursday.
An increase of 31.29% has been registered in net member addition in April, as compared with March, while the year-on-year growth was reported at 10%, the EPFO said in statement. Around 8.87 lakh new members have enrolled in April.
The EPFO comes under the Ministry of Labour and Employment and administers a contributory pension provident fund, pension scheme and an insurance scheme for the workforce engaged in the organised sector.
The surge in membership can be attributed to various factors, including increased employment opportunities, a growing awareness of employee benefits, and the effectiveness of EPFO's outreach programmes, the body said.
EPFO Payroll Data Breakdown
Those in the age group of 18-25 constitute a significant 55.50% of the total new members added in April. This aligns with the previous pattern, suggesting that the majority of individuals entering the formal workforce are young people, mainly seeking employment for the first time.
Out of 8.87 lakh new members, around 2.49 lakh are new female members. The net female member addition during the month stood at around 3.91 lakh, an increase of 35% as compared with March.
Net member addition is highest in Maharashtra, Karnataka, Tamil Nadu, Gujarat and Haryana—which constitute around 58.3%, adding a total of 11.03 lakh net members during the month. Of all the states, Maharashtra is leading by adding 20.42% of net members in April.
Month-to-month analysis of industry-specific data reveals substantial increase in the workforce employed in sectors such as professional services, commercial trading establishments, electrical, mechanical, or general engineering products, engineering contractors, education sector including schools, and building and construction industry.
The net monthly payroll is calculated by considering the number of new members joining EPFO for the first time using Aadhaar-validated Universal Account Number, existing members leaving EPFO coverage, and those who have exited but are rejoining as members in the monthly payroll data.
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