EPFO adds 1.95 million net new members in May 2024, highest ever since April 2018

As per the payroll data, released by the ministry of labour and employment on Saturday, this translates into a year-on-year increase of 19.6% in net new subscriber addition with 1.63 million new subscriber additions in May 2023 and a 3.2% jump when compared to April 2024 when EPFO registered the new addition of 1.89 million. This is attributed to increased employment opportunities, a growing awareness of employee benefits, and the effectiveness of EPFO’s outreach programs.