EPFO adds 13.41 lakh net members during October 2024
The Employees' Provident Fund Organisation (EPFO) witnessed a net addition of 13.41 lakh members during October, the data released by Ministry of Labour & Employment revealed.
ANI
Dec 25, 2024 16:44 IST
New Delhi [India], December 25 (ANI): The Employees' Provident Fund Organisation (EPFO) recorded a net addition of 13.41 lakh members in October, according to data released by the Ministry of Labour and Employment.
EPFO enrolled approximately 7.50 lakh new members in October 2024. This rise in new memberships can be attributed to growing employment opportunities, increased awareness of employee benefits, and EPFO's successful outreach programmes.
A significant highlight of the data is the dominance of the 18-25 age group, which accounts for 58.49 per cent of the total new members added during October 2024.
The net payroll data for the 18-25 age group in October 2024 stood at 5.43 lakh. This aligns with previous trends, which indicate that most individuals joining the organised workforce are young, primarily first-time job seekers.
The payroll data also reveals that approximately 12.90 lakh members exited and subsequently rejoined EPFO. This reflects year-over-year growth of 16.23 per cent compared to October 2023.
These members switched jobs and rejoined establishments under EPFO's ambit, opting to transfer their accumulations rather than applying for final settlement. This decision helps safeguard their long-term financial well-being while extending social security protection.
A gender-wise analysis of the payroll data shows that around 2.09 lakh of the new members added during the month were female. This figure represents a year-over-year growth of 2.12 per cent compared to October 2023. Additionally, the net female member addition for the month stood at approximately 2.79 lakh, highlighting a broader shift towards a more inclusive and diverse workforce.
A state-wise analysis of the payroll data indicates that the top five states/UTs accounted for 61.32 per cent of the net member addition, contributing around 8.22 lakh net members during the month. Maharashtra led the list, adding 22.18 per cent of the net members. The states/UTs of Maharashtra, Karnataka, Tamil Nadu, Delhi, Haryana, Telangana, and Gujarat each contributed more than 5 per cent of the total net members during the month.
A month-on-month comparison of industry-wise data showed significant growth in membership in industries such as road motor transport, private-sector electronic media companies, and banks other than nationalised banks. Expert services, which include manpower suppliers, contractors, security services, and miscellaneous activities, accounted for 42.29 per cent of the total net membership added.
The payroll data is provisional as it is part of a continuous process of updating employee records. Previous data is updated each month to reflect ongoing changes.
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