EPFO Reports Record 19.94 Lakh New Members

The Employees' Provident Fund Organisation (EPFO) recorded a historic addition of 19.94 lakh net members in July 2024, marking the highest increase since tracking began in April 2018. This surge includes 10.52 lakh new subscribers, with 59.41% belonging to the 18-25 age group, highlighting a positive trend in youth employment. The data also shows a significant increase in female participation, with 4.41 lakh women joining EPFO, including 3.05 lakh new members, indicating a 10.94% rise year-over-year. The overall increase can be attributed to improved employment opportunities and government initiatives aimed at job creation. The EPFO data underscores the effectiveness of policies like the Production Linked Incentive Scheme and the Employment Linked Incentive Scheme. Additionally, the trend reflects a broader recovery in the formal labor market in India.