EPFO registers 3.99% growth in Feb with net addition of 16.10 lakh members

The Employees’ Provident Fund Organization (EPFO) added 16.10 lakh members in the month of February registering an year-on-year (YoY) growth of 3.99% in net payroll additions.

EPFO enrolled around 7.39 lakh new subscribers attributed to growing employment opportunities, increased awareness of employee benefits, and EPFO’s successful outreach programs.

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In terms of the female members, around 2.08 lakhs new subscribers joined EPFO in February that depicts year-over-year growth of 1.26% compared to last year.

Further, the net female payroll addition during the month stood at around 3.37 lakh, a significant year over year growth of 9.23% compared to February 2024. The growth in female member additions is indicative of a broader shift towards a more inclusive and diverse workforce.

For those in the age group of 18 to 25, 4.27 lakh new subscribers were added constituting a significant 57.71% of the total new subscribers. The net payroll addition for the age group 18-25 is approximately 6.78 lakh reflecting a growth of 3.01%.

This is in consonance with the earlier trend which indicates that most individuals joining the organized workforce are youth, primarily first-time job seekers.

Approximately 13.18 lakh members, who had exited earlier, rejoined EPFO depicting a significant 11.85% year-over-year growth.

Of the total net payroll addition, around 41.72% addition is from expert services consisting of manpower suppliers, normal contractors, security services, miscellaneous activities etc.