Synopsis
The EPFO has reported a significant increase in net membership, with 14.63 lakh new members added in November 2024, reflecting a 9.07% growth from the previous month, driven by enhanced employment opportunities and awareness of employee benefits.Key Takeaways
- 14.63 lakh net new members in November 2024.
- Growth of 9.07% from October 2024.
- Significant increase in female members.
- 18-25 age group constitutes over 54.97% of new additions.
- High retention with 14.39 lakh members rejoining EPFO.
New Delhi, Jan 22 (NationPress) The Employees' Provident Fund Organisation (EPFO) revealed on Wednesday a net increase of 14.63 lakh members in November 2024, marking a growth of 9.07 percent compared to the previous month's figures in October.
Moreover, a year-over-year comparison indicates a 4.88 percent rise in net member additions compared to November 2023, showcasing enhanced employment prospects and a growing awareness of employee benefits, as stated in the official announcement.
In November 2024, the EPFO registered approximately 8.74 lakh new members, representing a 16.58 percent increase from October 2024. Additionally, the year-on-year assessment reveals an 18.8 percent growth in new member additions from November 2023.
This remarkable rise in new memberships is attributed to expanding employment opportunities, greater awareness of employee benefits, and the successful outreach initiatives of the EPFO.
Significantly, the 18-25 age group dominates the statistics, with 4.81 lakh new members in this category, accounting for 54.97 percent of the total new members added in November 2024. The increase in this age group is 9.56 percent higher compared to October 2024 and 13.99 percent compared to November 2023.
Furthermore, net payroll data for the 18-25 age group in November 2024 stands at approximately 5.86 lakh, reflecting a 7.96 percent increase from October 2024. This trend indicates that many individuals joining the organized workforce are young, primarily first-time job seekers.
On a gender basis, the payroll data reveals that out of the new members registered in the month, about 2.40 lakh are female members. This shows a 14.94 percent rise from October 2024, along with a substantial year-over-year increase of 23.62 percent compared to November 2023.
Additionally, the net addition of female members during the month reached around 3.13 lakh, marking an approximate 12.16 percent increase from October 2024 and an 11.75 percent growth from November 2023. This rise in female membership reflects a significant shift towards a more inclusive and diverse workforce.
The payroll data further indicates that about 14.39 lakh members exited and later rejoined the EPFO, representing an 11.47 percent increase from October 2024. It also shows a remarkable year-over-year growth of 34.75 percent compared to November 2023. These members transitioned jobs and rejoined establishments under the EPFO, opting to transfer their accumulations to ensure long-term financial security and continued social protection.
A state-wise breakdown of payroll data highlights that the top five states/UTs contributed to approximately 59.42 percent of net member additions, totaling around 8.69 lakh during the month. Maharashtra leads with a contribution of 20.86 percent of net additions.
In November 2024, states/UTs including Maharashtra, Karnataka, Tamil Nadu, Haryana, Gujarat, Delhi, Telangana, and Uttar Pradesh each added over 5 percent of the total net members.
Industry-specific data indicates notable growth in membership among sectors like societies, clubs or associations, engineering contractors, textiles, garments, and various engineering products.
Of the total membership increase, approximately 38.98 percent came from specialized services, including manpower suppliers, general contractors, security services, and miscellaneous activities.
Please note that the payroll data is preliminary, as data generation is an ongoing process, with continuous updates to employee records.
