EPFO adds record 18.92 lakh net members in April

Retirement fund body Employees' Provident Fund Organisation (EPFO) added a record 18.92 lakh net members in April, payroll data released on Thursday showed.

The addition during the month is the highest since the first payroll data was published in April 2018, a labour ministry statement said.

An increase of 31.29 per cent was registered in net member addition during April as compared to March 2024, it stated.

According to the statement, EPFO's provisional payroll data released on Thursday highlights that it has added 18.92 lakh net members in April.

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Further, the year-on-year analysis reveals a growth of 10 per cent in net member addition.

The surge in membership can be attributed to various factors, including increased employment opportunities, a growing awareness of employee benefits, and the effectiveness of EPFO's outreach programmes, the statement said.

The data indicates that around 8.87 lakh new members have enrolled during April 2024.

A noticeable aspect of the data is the dominance of the 18-25 age group, constituting a significant 55.50 per cent of the total new members added in April. This is in consonance with the earlier trend, indicating that most individuals joining the organised workforce are youth, primarily first-time jobseekers.