The Employees' Provident Fund Organisation (EPFO) announced on Wednesday a net addition of 14.63 lakh members in November 2024, reflecting a 9.07 per cent increase over the figure recorded in October.
Year-on-year analysis shows a 4.88 per cent rise in net member additions compared to November 2023, indicating improved employment opportunities and greater awareness of employee benefits, according to the official statement.
In November 2024, EPFO enrolled approximately 8.74 lakh new members, marking a 16.58 per cent increase from October 2024. Year-on-year, this represents an 18.8 per cent rise compared to November 2023.
This growth in new memberships is attributed to rising employment opportunities, enhanced awareness of employee benefits, and EPFO’s effective outreach programmes, the statement noted.
A significant trend in the data is the dominance of the 18-25 age group, which accounted for 4.81 lakh new members, or 54.97 per cent of the total new members added in November 2024. This age group saw a 9.56 per cent month-on-month increase from October 2024 and a 13.99 per cent year-on-year rise compared to November 2023.
Additionally, the net payroll data for the 18-25 age group in November 2024 stood at approximately 5.86 lakh, reflecting a 7.96 per cent month-on-month increase. This aligns with the established trend of young first-time job seekers forming the majority of those entering the organised workforce.
Gender analysis of payroll data revealed that approximately 2.40 lakh new female members were added in November 2024, showing a 14.94 per cent increase from October 2024 and a significant 23.62 per cent year-on-year growth compared to November 2023.
The total net addition of female members for the month was approximately 3.13 lakh, reflecting a 12.16 per cent month-on-month increase and an 11.75 per cent year-on-year rise compared to November 2023. This growth indicates a broader shift towards a more inclusive and diverse workforce.
The payroll data also highlighted that around 14.39 lakh members exited and subsequently re-joined EPFO in November 2024. This represents an 11.47 per cent month-on-month increase from October 2024 and a significant 34.75 per cent year-on-year growth compared to November 2023.
These members switched jobs and re-joined EPFO-covered establishments, opting to transfer their accumulations rather than applying for final settlement, thereby safeguarding their long-term financial security and extending their social security coverage.
State-wise analysis of the payroll data shows that the top five states/UTs accounted for 59.42 per cent of the net member additions, totalling around 8.69 lakh members in November 2024.
Maharashtra led with 20.86 per cent of the net additions, followed by Karnataka, Tamil Nadu, Haryana, Gujarat, Delhi, Telangana, and Uttar Pradesh, each contributing more than 5 per cent to the total net member additions.
Industry-wise analysis revealed significant growth in membership in sectors such as “societies, clubs or associations,” engineering and engineering contractors, textiles, garment manufacturing, and electrical, mechanical, or general engineering products.
Expert services, including manpower suppliers, contractors, security services, and miscellaneous activities, accounted for approximately 38.98 per cent of the total net additions.
The payroll data remains provisional, as the process of updating employee records is continuous, the statement added.
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