EPFO logs 20 lakh net new members in July

EPFO building. File photo
| Photo Credit: Niranjan R. Varma

Retirement fund body Employees Provident Fund Organisation (EPFO) recorded a net addition of 19.94 lakh members in July this year, the Labour Ministry said on Monday (September 23, 2024).

Union Labour Minister Mansukh Mandaviya said in a press conference that 10.52 lakh new or first-time workers subscribed to Social Security schemes run by the EPFO.

The minister said almost 20 lakh net new members addition (19.94 lakh) were recorded in July this year. He also informed that 8.77 lakh members added in July are in the age group of 18-25 years.

Nearly 6.25 lakh members of ages between 18 and 25 are first-time workers or new joiners, according to the latest data. About 59.4% of new joiners fall within the 18-25 age bracket. He said that the data shows the employment of young people has increased.

He also informed that 4.41 lakh female members were added by EPFO in July which includes 3.05 lakh new joinees. The minister pointed out that female employment has also increased.