“Surge in Employment: EPFO Adds 1.72 Million Members in September, Signaling Economic Upswing”

In September 2023, the Employees’ Provident Fund Organisation (EPFO) of India recorded significant growth in its member enrollment, showcasing a dynamic shift in the country’s workforce dynamics. This growth is a key indicator of various economic and social trends.

Detailed Data and Numbers

  • Net Member Growth: EPFO added approximately 17.21 lakh net members in September 2023. This marks a month-on-month increase of 21,475 members from August 2023 and a year-on-year increase of 38,262 members compared to September 2022​​​​.
  • New Enrollments: About 8.92 lakh new members joined EPFO in this month. Notably, the age group of 18-25 years constituted 58.92% of these new enrollments, indicating a significant influx of first-time job seekers into the formal sector​​​​.
  • Job Switching: Around 11.93 lakh members who had previously exited EPFO rejoined by switching jobs, opting to transfer their accumulations within EPFO establishments. This suggests a trend of job mobility and continuity in social security coverage​​​​.
  • Reduced Exits: The number of exits from EPFO membership decreased by 12.17% compared to the previous month, with 3.64 lakh exits in September 2023. This is part of a continuous decline in exits observed since June 2023​​.
  • Gender Representation: Of the new members, around 2.26 lakh were female, indicating an increasing participation of women in the formal workforce. The net female member addition during the month stood at around 3.30 lakh​​​​.
  • State-Wise Growth: States like Maharashtra, Tamil Nadu, Karnataka, Gujarat, and Haryana led in net member additions, contributing to 57.42% of the total growth. Maharashtra topped the list with 20.42% of the net additions​​.
  • Industry Growth: Notable growth was observed in sectors like sugar, courier services, iron and steel, hospitals, and travel agencies. Expert services, which include manpower suppliers, contractors, and security services, accounted for 41.46% of the total net membership increase​​.

Importance and Impact

  • Economic Indicators: The increase in EPFO members, especially among the youth, reflects a positive trend in employment and economic activities, signifying a recovering or growing economy.
  • Social Security Expansion: The rejoining of members and reduced exits from EPFO underline an enhanced commitment to social security measures, vital for the financial stability of the workforce.
  • Gender Inclusivity: The rising number of female enrollees represents progress in gender inclusivity in the workforce, contributing to equitable economic growth.
  • State and Industry Dynamics: The state-wise and industry-specific data provide insights into regional economic strengths and the sectors driving employment growth.
  • Policy Insights: This data is valuable for policymakers to understand labor market trends, plan social security schemes, and foster a supportive environment for job creation and economic development.

The EPFO’s report for September 2023 is thus not only a record of numbers but also a reflection of broader socio-economic trends and shifts in India’s labor market. It provides a comprehensive view of the workforce dynamics, contributing to informed decision-making in both public and private sectors.



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