EPFO Adds 19.50 Lakh Net Members In May This Year

Employees’ Provident Fund Organisation (EPFO) has added 19.50 lakh net members in May this year. The addition during the month is the highest since the first payroll data was issued in April 2018. Ministry of Labour and  Employment in a statement said that the data indicates that around 9.85 lakh new members have enrolled during May 2024. It added that there is also an increase of 10.96 per cent in the new members from April this year.

 

The Ministry



added that further, the year-over-year analysis shows a growth of 19.62 per cent in net members additions compared to May 2023. This surge in membership can be attributed to numerous factors, including increased employment opportunities, a growing awareness of employee benefits, and the effectiveness of EPFO’s outreach programs. The payroll data also highlights that nearly 14 lakh members exited and subsequently re-joined EPFO.