Employee Provident Fund Organization (EPFO) has added 13.41 lakh new members in October this year. This information has been received from the latest payroll data. This reflects the increase in employment opportunities and increasing awareness about employee benefits, which has been bolstered by various effective programs to expand the reach of EPFO, the Labor Ministry said in a statement on Wednesday. According to the statement, the Employees’ Provident Fund Organization has released payroll data for October, 2024, which has revealed a net increase of 13.41 lakh members. According to the data, EPFO enrolled around 7.50 lakh new members in October, 2024. The ministry said this increase in the number of new members has been possible due to increased employment opportunities, increased awareness about employee benefits and various effective programs to increase the reach of EPFO.
58.49% people aged 18-25
The 18-25 age group accounts for 58.49 percent of the total new members added in October. During this period, the net payroll figure for the 18-25 age group is 5.43 lakh. This is in line with earlier trends showing that the majority of individuals joining the organized workforce are young, primarily first-time job seekers. Payroll data shows that around 12.90 lakh members exited EPFO and later rejoined. These members changed their jobs and rejoined establishments covered by EPFO and opted to transfer their accumulated amount instead of applying for final settlement.
2.09 lakh new women members
According to payroll data, of the new members added during October, about 2.09 lakh are new women members. This figure is an annual increase of 2.12 percent compared to October, 2023. Additionally, the number of net female members increased by 2.79 lakh during the month. The increase in the number of female members signals a broader shift toward a more inclusive and diverse workforce. The net member growth in the top five states/UTs is about 61.32 per cent. Overall, about 8.22 lakh net members were added in these five states/UTs in October. During this period, Maharashtra remained at the forefront by adding 22.18 percent net members. The states/UTs of Maharashtra, Karnataka, Tamil Nadu, Delhi, Haryana, Telangana and Gujarat added more than five per cent each of the total net members during the month.
(With inputs from PTI/Language)
