Are Indian employers hiring more now as EPFO monthly subscriber additions hit record high?

EPFO latest enrollment data: Are more Indians getting hired? Are there more job opportunities in the market than ever? Are employers on a business expansion spree? At least, Employees' Provident Fund Organisation (EPFO) data for the month of April suggests so. In its latest payroll data released on Thursday, the Ministry of Labour and Employment said that it had added 18.92 lakh net members during April 2024, a record since the ministry started collecting data in April 2018.

The ministry is gung-ho about the latest EPFO data, attributing it to increased employment opportunities, a growing awareness of employee benefits, and the effectiveness of EPFO's outreach programmes.

The number of net members added has shot up by 31.29 per cent over the corresponding figure for March 2024, the provisional payroll data shows.

The year-on-year analysis shows a growth of 10 per cent in net member additions compared to April 2023.

The data reveals that around 8.87 lakh new members have enrolled as of April 2024.

One of the main highlights of the data is the dominance of the 18–25 age group, constituting a significant 55.5 per cent of the total new members added in April 2024.

Another important aspect of the payroll data is that approximately 14.53 lakh members exited and subsequently rejoined EPFO, a 23.15 per cent upside compared to the previous month of March 2024.

State with the most enrollments  

The five states that have the most new EPFO members are Maharashtra, Karnataka, Tamil Nadu, Gujarat, and Haryana, as per EPFO data.

Among these five states, Maharashtra is the frontrunner, leading by adding 20.42 per cent of net members during the month.

These states constitute around 58.3 per cent of net member addition, adding a total of 11.03 lakh net members during the month.