The Employees’ Provident Fund Organisation (EPFO) has reported a record-breaking addition of 18.92 lakh net members in April 2024. This marks the highest increase since the organization began publishing payroll data in April 2018. Of the total new members, 8.87 lakh individuals have enrolled in April 2024, with a significant portion being employees between the ages of 18-25. This demographic represents over 55% of the total new members added, indicating a higher participation of youth and first-time workforce joiners. Additionally, around 2.49 lakh women were among the new members, highlighting a shift towards a more inclusive and diverse workforce.
Compared to the previous month of March 2024, there was a significant 31.29% increase in net member additions in April. On a year-on-year basis, a growth of 10% has been observed in the number of net member additions compared to the same month last year. Maharashtra, Karnataka, Tamil Nadu, Gujarat, and Haryana emerged as the top five states with the highest net addition of employees, accounting for over 58% of the total net member addition of 11.03 lakh individuals during the month. Maharashtra led the pack, contributing 20.42% of net member additions in April.
Various sectors such as expert services, trading-commercial establishments, engineering service providers, the real estate industry, and education experienced significant growth in new employee enrolment. Expert services, which include manpower suppliers, normal contractors, security services, and miscellaneous activities, accounted for around 41.41% of the total net membership addition. This data indicates a robust job market and increased employment opportunities across diverse industries.
Overall, the surge in net member additions in April 2024 reflects a positive trend in the labor market, with a growing number of young individuals and women entering the workforce. The EPFO’s efforts to enhance inclusivity and diversity are evident through the increased participation of underrepresented groups. The top performing states, such as Maharashtra and Karnataka, demonstrate the regional distribution of job opportunities and economic growth. As different sectors experience growth in employment, it is expected that the overall economy will benefit from the influx of new workers contributing to various industries. By analyzing these trends, policymakers and stakeholders can make informed decisions to further strengthen the labor market and promote sustainable economic development.
