EPFO‘s latest data shows a remarkable addition of 18.92 lakh net members in April 2024, the highest monthly increase since the publication of payroll data began in April 2018. This signifies a robust growth of 31.29% compared to March 2024, highlighting a strong upward trend in formal employment.
EPFO: Youth Dominance and Employment Trends
The 18-25 age group continues to dominate new member enrollments, constituting 55.50% of the total additions in April 2024. This demographic trend underscores that a significant portion of new entrants into the organized workforce are youth, marking them as key participants in the country’s employment landscape.
Gender Diversity and Inclusion
The payroll data also reveals a notable increase in female members, with around 2.49 lakh new female members joining EPFO in April 2024. This reflects a 35.06% rise from March 2024, indicating positive strides towards gender diversity and inclusion in the workforce.
Regional Insights and Industry Contribution
Maharashtra, Karnataka, Tamil Nadu, Gujarat, and Haryana lead in net member additions, collectively contributing 58.30% of the total increase. Industries such as expert services, commercial trading, engineering products, and education sectors have shown substantial growth, highlighting their pivotal role in driving employment generation.
This provisional data underscores EPFO’s crucial role in providing social security and financial stability to employees across diverse sectors, reinforcing its commitment to promoting inclusive growth and sustainable employment practices in India.
