Jobs On The Rise? EPFO Sees Record Membership Growth In June

The Employees' Provident Fund Organisation on Wednesday, in its provisional payroll data for June, reported a net addition of 21.89 lakh members, showing 9.14% rise in net payroll additions in comparison to May. This surge highlights a positive trend in employment opportunities across the country, reflecting both job growth and increased awareness about employee benefits.

According to the Ministry of Labour and Employment's releases, EPFO enrolled approximately 10.62 lakh new members in June. This growth in new memberships is attributed to the expanding job market, heightened awareness about EPFO's benefits, and the organisation's focused initiatives to engage new employees, according to the release.

A significant portion of the new memberships comes from the 18-25 age group, which represents 60.22% of the total new members added in June. This translates to 6.39 lakh individuals, mostly first-time job seekers, continuing the trend of younger people entering the formal workforce.

The net payroll addition for the age group 18-25 for June was at 9.72 lakh, indicating a 11.41% rise month-on-month and 12.15% rise in comparison to the same month last year.

The data also reveals that around 16.93 lakh members who had previously exited EPFO have rejoined in June, marking a 19.65% increase year-on-year. Many of these members have switched jobs and transferred their previous EPFO accumulations rather than opting for a final settlement, ensuring their long-term financial security.

There has been a notable increase in female membership. Approximately 3.02 lakh new female subscrivers joined EPFO in June, reflecting a 1.34% growth year-over-year and 14.92% growth in comparison to May. The overall net female member addition stood at 4.72 lakh, with a 10.29% rise year-on-year.

Maharashtra led with 20.03% of the net additions, followed by other key states like Karnataka, Tamil Nadu, and Delhi. Together, Maharashtra, Karnataka, Tamil Nadu, Gujarat, Haryana, Delhi, Uttar Pradesh and Telangana individually added more than 5% of the total net payroll during the month.

Sector-wise, significant growth was seen in ischool, expert services, building and construction industry, university, college, Elec, Mech of Gen Engg products, trading in commercial establishments and financing establishments. The largest contribution came from expert services, including manpower suppliers and security services, which accounted for 42.14% of new additions.

This payroll data, although provisional, underscores the ongoing expansion of India's organized workforce, facilitated by EPFO's strategic initiatives and effective social security outreach. The data is subject to regular updates as part of EPFO's continuous monitoring and recording process.