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Mumbai Mumbai:The Employees' Provident Fund Organization (EPFO) added around 9.30 lakh new members in August 2024, showing a 0.48% increase in new members compared to August 2023. According to the provisional payroll data released by the organisation, EPFO ​​enrolled 18.53 lakh net members in August 2024, showing a 9.07% year-on-year growth as compared to August 2023. This reflects the increase in employment opportunities and increased awareness about employee benefits, bolstered by effective outreach initiatives of EPFO. A notable aspect of the data is the dominance of the 18-25 age group, which accounts for a significant 59.26% of the total new members added in August 2024. The net payroll data for the 18-25 age group for August 2024 is 8.06 lakh. EPFO said this is in line with earlier trends, which show that the majority of individuals joining the organized workforce are young, mainly first-time job seekers.

Payroll data shows that around 13.54 lakh members exited and later rejoined EPFO. This figure represents a year-on-year increase of 14.03% compared to August 2023. As per the data shared, these members changed their jobs and re-joined the establishments under the purview of EPFO ​​and opted to transfer their accumulation instead of applying for final settlement, thus ensuring long-term financial well-being. Protected and expanded its Social Security protections. Gender-wise analysis of the payroll data shows that of the new members added during the month, about 2.53 lakh new members are women. This figure represents a year-on-year increase of 3.75% compared to August 2023.

Also, the net female member addition during the month stood at around 3.79 lakh. This represents a year-on-year increase of 10.41% compared to August 2023. The increase in the number of female members signals a broader shift toward a more inclusive and diverse workforce. State-wise analysis of payroll data shows that the total member growth in the top five states/UTs is around 59.17%, with around 10.97 lakh net member additions during the month. Maharashtra leads among all states with 20.59% net member addition during the month. The states/UTs of Maharashtra, Karnataka, Tamil Nadu, Haryana, Delhi, Gujarat, Telangana and Uttar Pradesh contributed more than 5% each of the total net members during the month.