New Delhi: Retirement fund body EPFO has added 14.63 lakh net members in November 2024, a growth of 4.88 per cent over the same month last year, according to the latest payroll data. The growth in net member additions signifies increased employment opportunities and heightened awareness of employee benefits, bolstered by EPFO’s effective outreach initiatives, a labour ministry statement said.
On a monthly basis, net member additions rose by 9.07 per cent over October 2024, the ministry said. The EPFO enrolled around 8.74 lakh new members in November 2024, up by 18.80 per cent over the year-ago month and a 16.58 per cent rise against October 2024, the provisional data showed.
Young Workforce Drives EPFO Growth
The ministry said a noticeable aspect of the data is the dominance of the 18-25 age group, with 4.81 lakh new members added in this age group constituting a significant 54.97 per cent of the total new members added in November 2024.
Net member additions in the age group of 18-25 years are approximately 5.86 lakh for November 2024, reflecting an increase of 7.96 per cent compared to the previous month of October 2024.
This is in consonance with the earlier trend which indicates that most individuals joining the organised workforce are youth, primarily first-time job seekers, the ministry said. The payroll data highlights that approximately 14.39 lakh members exited and subsequently rejoined EPFO.
This figure represents an 11.47 per cent increase compared to the previous month of October 2024. It also depicts a significant year-on-year growth of 34.75 per cent in November 2024.
These members switched their jobs and re-joined the establishments covered under the ambit of EPFO and opted to transfer their accumulations instead of applying for final settlement thus, safeguarding long-term financial well-being and extending their social security protection.
Gender-wise analysis of payroll data unveils that out of the new members added during the month, around 2.40 lakh new members are female, it said. The comparison with the previous month of October 2024 shows an increase of 14.94 per cent.
This figure also exhibits significant year-on-year growth of 23.62 per cent during the month under review. Also, the net female member addition during the month stood at 3.13 lakh, reflecting an increase of approximately 12.16 per cent from October 2024. It reflects an on-year growth of 11.75 per cent against November 2023.
The increase in female member additions is indicative of a broader shift towards a more inclusive and diverse workforce, the ministry said.
State-wise analysis of payroll data denotes that net member addition in the top five states/ Union Territories constitutes around 59.42 per cent of net member addition, adding a total of around 8.69 lakh net members during the month.
Of all the states, Maharashtra is leading by adding 20.86 per cent of net members during the month. Maharashtra, Karnataka, Tamil Nadu, Haryana, Gujarat, Delhi, Telangana and Uttar Pradesh individually added more than 5 per cent to the total net members during the month under review. The payroll data is provisional since data generation and updating employee records are a continuous process.
The EPFO enrolled around 8.74 lakh new members in November 2024, up by 18.80 per cent over the year-ago month and a 16.58 per cent rise against October 2024, the provisional data showed. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
