Daijiworld Media Network - New Delhi

New Delhi, Aug 20: The Employees' Provident Fund Organisation (EPFO) has reported a record-breaking net addition of 21.89 lakh members in June, the highest since payroll data tracking began in April 2018. This figure represents a 9.14% increase from May and a notable 13.46% year-on-year growth compared to June of last year. This surge is attributed to an increase in employment opportunities and the EPFO's effective outreach efforts.

Key Highlights from the Data

The data reveals several key trends about the new members:

• New Subscribers: Around 10.62 lakh new subscribers joined the EPFO in June, a 12.68% jump from May, signaling a rise in job opportunities.

• Youth Dominance: A significant 60.22% of new subscribers (6.39 lakh) were in the 18-25 age group. This trend is consistent with previous data, showing that most new entrants to the organized workforce are young, first-time job seekers. The net payroll addition for this age group was 9.72 lakh, an 11.41% increase from the previous month.

• Rejoining Members: Approximately 16.93 lakh members who had previously left the EPFO rejoined in June. This is a 5.09% increase from May and a substantial 19.65% year-on-year growth. These members likely switched jobs and opted to transfer their funds, securing their long-term financial stability.

• Female Workforce Growth: The number of new female subscribers rose to 3.02 lakh in June, a 14.92% increase from May. The net female payroll addition reached 4.72 lakh, indicating a significant trend towards a more inclusive and diverse workforce.