EPFO gross new members addition dips to 10.24 mn in June 2024: Mospi

Retirement fund physique EPFO’s newest knowledge said that the gross new subscribers addition declined by over 7,000 to 10,24,851 which was 10,31,982 in the course of the month of Could 2024. 

In line with the report ‘Payroll Reporting in India: An Employment Perspective June 2024′, the Staff’ Provident Fund Organisation (EPFO) recorded 1,09,93,119 gross addition of recent members in 2023-24 in comparison with 11,498,453 in 2022-23.

In June 2024, the web formal job creation below the Staff’ Provident Fund Organisation (EPFO) surged to 1.92 million, attributed to the augmented employment alternatives, enhanced consciousness of worker advantages, and efficient outreach initiatives by the EPFO, as per the Ministry of Labour and Employment.

The most recent payroll knowledge launch from the ministry showcased a 7.86% year-on-year escalation in internet new subscriber additions, with 1.78 million internet new subscribers recorded in June 2023. Moreover, the information emphasised a major uptick in feminine membership, signaling a constructive shift in the direction of gender inclusivity and variety within the workforce.

A gender-wise evaluation of the information signifies that in June, roughly 298,000 of the brand new members had been feminine. This accounts for a 5.88% year-on-year enhance in comparison with June 2023. Moreover, the web addition of feminine members in June 2024 witnessed an 8.9% rise from June 2023, totaling round 428,000. These findings counsel a progressive shift in the direction of fostering a extra inclusive and numerous workforce.

The Mospi report confirmed that the pandemic adversely impacted the rise in new member enrollments, dropping from 11,040,683 within the monetary 12 months 2019-20 to eight,548,898 in 2020-21.

Subsequently, there was a notable restoration because it rebounded to 10,865,063 in 2021-22. Nonetheless, evaluation of knowledge spanning the final 5 fiscal years as much as 2023-24 reveals that the Worker Provident Fund Group’s (EPFO) complete new member additions have but to achieve the pre-COVID ranges of 2018-19. Particularly, the variety of new member additions reached a peak of 13,944,349 in 2018-19.