EPFO net new member additions rise 9.07% to 18.53 lakh in August

Sun, 20 October 2024

18:27

Retirement fund body Employees' Provident Fund Organisation's net new member additions increased 9.07 percent to 18.53 lakh in August, compared to a year ago, according to payroll data released on Sunday.

EPFO enrolled around 9.30 lakh new members in August 2024, representing an increase of 0.48 percent from August 2023, a labour ministry statement said.

This surge in new memberships can be attributed to growing employment opportunities, increased awareness of employee benefits, and EPFO's successful outreach programs, it stated.

According to the provisional payroll data for August 2024 released by the EPFO, there was a net addition of 18.53 lakh members in August 2024, representing a 9.07 percent year-on-year growth.

A noticeable aspect of the data is the dominance of the 18-25 age group, constituting a significant 59.26 percent of the total new member additions in August 2024.

In addition, the net payroll data for the age group 18-25 for August 2024 was 8.06 lakh. -- PTI

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