Reetu | Dec 26, 2024 |
EPFO added 13.41 Lakh Net Members during October 2024
The Employees’ Provident Fund Organisation (EPFO) has issued provisional payroll data for October 2024, which shows a net addition of 13.41 lakh members. This represents expanded opportunities for employment and increased understanding of employee benefits, aided by EPFO’s strong outreach programs.
New Membership
EPFO enrolled approximately 7.50 lakh new members in October 2024. This growth in new memberships can be ascribed to expanding employment opportunities, increasing awareness of employee benefits, and EPFO’s successful outreach activities.
Group of 18-25 Leads New Membership
The data show that the 18-25 age group accounts for 58.49% of all new members acquired in October 2024. The net payroll data for the age range 18-25 in October 2024 is 5.43 lakhs. This is consistent with previous trends, which show that the majority of people entering the organised work force are young, predominantly first-time job seekers.
Members Who Rejoined
According to the payroll data, nearly 12.90 lakh members left and then rejoined EPFO. This figure represents a 16.23% increase over the previous year, as of October 2023. These members changed occupations and rejoined companies covered by EPFO, opting to transfer their accumulations rather than applying for final settlement, thereby protecting their long-term financial well-being and extending their social security benefits.
Female Membership Saw Growth
A gender-based analysis of payroll data reveals that around 2.09 lakh of the new members enrolled during the month were female. This number is up 2.12% year on year compared to October 2023. Furthermore, the net female member addition for the month was approximately 2.79 lakh. The surge in female member additions is part of a larger trend towards a more inclusive and varied workforce.
State-wise Contribution
Based on a state-by-state analysis of payroll data, net member addition in the top five states/UTs accounts for around 61.32% of net member increase, with a total of approximately 8.22 lakh net members added this month. Maharashtra leads all states in net membership growth, adding 22.18% this month. Maharashtra, Karnataka, Tamil Nadu, Delhi, Haryana, Telangana, and Gujarat each added more than 5% of total net members this month.
Industry-wise Trends
Month-on-month comparisons of industry-specific data show significant growth in the number of members working in establishments involved in the following industries: road motor transport, electronic media firms in the private sector, banks other than nationalised banks, etc. Expert services account for approximately 42.29% of total net membership (which includes labour providers, routine contractors, security services, and miscellaneous activities).
The payroll data shown above is tentative because data generation is a continual process, just like updating personnel records. The previous data is updated every month. EPFO has been releasing payroll data since April 2018, covering the period beginning in September 2017. In monthly payroll statistics, the count of members joining EPFO for the first time using an Aadhaar validated Universal Account Number (UAN), current members leaving EPFO coverage, and those who left but returned as members is used to calculate net monthly payroll.
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