The Employees’ Provident Fund Organisation (EPFO) added 1.95 million net new members in May 2024 —the highest-ever monthly figure since the release of the first payroll data in April 2018 — on the back of increased employment opportunities, growing awareness of employ- ee benefits and effectiveness of the organisation’s outreach programmes, the ministry of labour and employment said on Saturday. Releasing the payroll data, the ministry said the retirement fund body saw a 19.6% YoY increase in net new subscriber addition. The month- on-month growth in net new subscribers was 3.2%.
New Delhi: The Employees’ Provi- dent Fund Organisation (EPFO) ad- ded1.95 million net new members in May 2024 — the highest-ever month- ly figure since the release of the first payroll data in April 2018 — on the back of increased employment op- portunities, growing awareness of employee benefits and effectiveness of the organisation’s outreach pro- grammes, the ministry of labour and employment said on Saturday. Releasing the payroll data, the mi- nistry said the retirement fund bo- dy saw a 19.6% year-on-year increa-
se in net new subscriber addition. The month-on-month growth in net new subscribers was 3.2%. In April, it had added 1.89 million accounts. As per the data, some 0.98 million new members enrolled in May 2024, up 10.9% compared with April and a jump of 11.5% from May last year. Further, 58.37% of the total new members added in May 2024 were in the 18-25 age group. “This is in consonance with the earlier trend, which indicates that most indivi- duals joining the organised work- force are youth, primarily first-ti- me job seekers,” it said.
As per the data, approximately 1.41 million members exited and subse-