The Employees' Provident Fund Organization (EPFO) on Wednesday announced the addition of 14.63 lakh members in November 2024, showing an increase of 9.07 per cent over the corresponding October figure.
Additionally, year-on-year analysis reveals a 4.88 per cent increase in net member growth as compared to November 2023, reflecting increased employment opportunities and growing awareness of employee benefits, according to the official statement. .
EPFO added about 8.74 lakh new members in November 2024. An increase of 16.58 percent was seen in the number of new members joining compared to the previous month of October 2024. Furthermore, year-on-year analysis shows that there has been an 18.8 percent increase in new member additions in November 2023 as compared to the previous year.
The statement said this surge in new members is due to increased employment opportunities, increased awareness about employee benefits and successful outreach programs of EPFO.
A notable aspect of the data is the dominance of the 18-25 age group, with 4.81 lakh new members added in the 18-25 age group, which is a significant 54.97 per cent of the total new members added in November 2024. The statement said that the number of new members joining the 18-25 age group this month shows an increase of 9.56 percent compared to the previous month of October 2024 and 13.99 percent compared to the previous year in November 2023.
Furthermore, the net payroll data for the 18-25 age group for November 2024 is around 5.86 lakh, showing an increase of 7.96 per cent over the previous month of October 2024. This is in line with earlier trends showing that the majority of individuals joining the organized workforce are young, primarily first-time job seekers. Gender-wise analysis of the payroll data shows that of the new members added during the month, about 2.40 lakh new members are women. Comparison with the previous month of October 2024 shows an increase of 14.94 percent. The figure also shows a significant year-on-year increase of 23.62 percent compared to November 2023.
Also, the net female member addition during the month stood at around 3.13 lakh, showing an increase of around 12.16 per cent as compared to the previous month of October 2024. This also represents a year-on-year growth of 11.75 percent compared to November 2023. The increase in female members signals a broader shift toward a more inclusive and diverse workforce.
The payroll data also shows that around 14.39 lakh members exited EPFO and later rejoined. This figure shows an increase of 11.47 percent compared to the previous month of October 2024. This also shows a significant year-on-year growth of 34.75 percent compared to November 2023. These members changed their jobs and re-joined establishments under the purview of EPFO and opted to transfer their accumulations instead of applying for final settlement, thus safeguarding their long-term financial well-being and their social security. Expanded security.
State-wise analysis of the payroll data shows that the net member growth in the top five states/UTs is about 59.42 per cent of the net member growth, which together stands at about 8.69 lakh during the month. Among all the states, Maharashtra leads the way by adding 20.86 per cent net members during the month. The states/UTs of Maharashtra, Karnataka, Tamil Nadu, Haryana, Gujarat, Delhi, Telangana and Uttar Pradesh individually added more than 5 per cent of the total net members during the month.
Month-on-month comparison of industry-wise data shows that members working in establishments engaged in industries such as “societies, clubs or associations” and engineers, engineering contractors, textile, apparel manufacturing as well as electrical, mechanical Or there has been a significant increase in general engineering products.
Of the total net membership, about 38.98 per cent growth is from specialist services which include manpower suppliers, general contractors, security services and miscellaneous activities.
The statement said the payroll data is provisional as data generation is an ongoing exercise, as updating employee records is an ongoing process.
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