Employees’ Provident Fund Organization Building at Bandra. File | Photo Courtesy: Supreet Sapkal
Retirement fund body EPFO ​​added 13.41 lakh net new members in October 2024, latest payroll data showed.
This indicates increased employment opportunities and increased awareness of employee benefits strengthened by EPFO’s effective outreach initiatives, a Labor Ministry statement said on Wednesday.
According to the statement, the Employees’ Provident Fund Organization (EPFO) has released provisional payroll data for October 2024, revealing a net addition of 13.41 lakh members.
According to the data, EPFO ​​enrolled around 7.50 lakh new members in October 2024.
This increase in new membership can be attributed to increased employment opportunities, increased awareness of employee benefits and successful outreach programs of EPFO, the ministry said.
A striking aspect of the data is the dominance of the 18-25 age group, which accounted for a remarkable 58.49 percent of the total new members added in October 2024.
The net payroll data for the age group 18-25 for October 2024 is 5.43 lakh.
This is in line with earlier trends, which have shown that the majority of people joining the organized workforce are young people, mainly first-time job seekers.
The payroll data highlights that around 12.90 lakh members left and later rejoined the EPFO.
This figure shows an annual increase of 16.23 percent compared to October 2023.
These members changed their jobs and rejoined establishments covered under the purview of EPFO ​​and chose to transfer their savings instead of applying for final settlement, thus, securing long-term financial well-being and extending their social security cover.
A gender analysis of the payroll data reveals that among the new members added during the month, about 2.09 lakh new members are women.
This figure shows an annual increase of 2.12 percent compared to October 2023.
Also, the total number of female members has increased to about 2.79 lakh this month.
The increase in female members signals a broader shift toward a more inclusive and diverse workforce.
A state-wise analysis of the payroll data indicates that the top five states/UTs account for about 61.32 per cent of the total member additions, with a total of 8.22 lakh total members added during the month.
Among all states, Maharashtra leads with 22.18 per cent net subscriber addition during the month.
The states/UTs of Maharashtra, Karnataka, Tamil Nadu, Delhi, Haryana, Telangana and Gujarat have added more than 5 per cent of total subscribers in a month.
A month-on-month comparison of industrial data shows a significant increase in members working in establishments engaged in industries – road motor transport, private sector electronic media companies, and banks other than nationalized banks.
Out of the total total membership, about 42.29 percent is for additional specialist services (manpower suppliers, general contractors, security services, miscellaneous activities etc.).
Payroll data is temporary because data generation is an ongoing exercise, as updating employee records is an ongoing process.
Previous data is updated every month. From the month of April 2018, EPFO ​​is releasing payroll data covering the period from September 2017 onwards.
In the monthly payroll data, counting of members joining EPFO ​​for the first time through Aadhaar verified Universal Account Number (UAN), existing members who exited the coverage of EPFO ​​and those who exited as members but rejoined as members were taken to arrive at the net monthly payroll. is
published – Dec 26, 2024 at 09:55 pm IST