EPFO has announced a significant increase in its membership numbers for September 2024, with a net addition of 18.81 lakh members.
This marks a notable 9.33% year-on-year growth compared to the same month last year.
EPFO: New Membership, Growth and Rejoining Members
In September 2024, EPFO enrolled around 9.47 lakh new members, representing a 6.22% increase over September 2023.
This surge in new memberships can be attributed to growing employment opportunities, increased awareness of employee benefits, and EPFO’s effective outreach initiatives.
The payroll data highlights that approximately 14.10 lakh members exited and subsequently rejoined EPFO.
This figure depicts a year-on-year growth of 18.19% compared to September 2023.
These members switched their jobs and re-joined the establishments covered under the ambit of EPFO, opting to transfer their accumulations instead of applying for final settlement, thus safeguarding their long-term financial well-being and extending their social security protection.
Age-Group Analysis, Gender-wise Analysis and State-Wise Data
A significant aspect of the data is the dominance of the 18-25 age group, which constituted 59.95% of the total new members added in September 2024.
The net payroll data for this age group is 8.36 lakh, depicting a 9.14% year-on-year growth compared to September 2023.
This trend indicates that most individuals joining the organized workforce are youth, primarily first-time job seekers.
Gender-wise analysis of payroll data unveils that around 2.47 lakh women were added as new members during the month, representing a 9.11% year-on-year growth.
The net female member addition during the month stood at around 3.70 lakh, reflecting a 12% year-on-year rise.
The surge in female member additions is indicative of a broader shift towards a more inclusive and diverse workforce.
State-wise analysis of payroll data denotes that net member addition in the top five states/Union Territories constitutes around 59.86% of net member addition, adding a total of 11.26 lakh net members during the month.
Of all states, Maharashtra was on top, adding 21.20% of net members during the month. The states/UTs of Maharashtra, Karnataka, Tamil Nadu, Delhi, Haryana, Gujarat, Uttar Pradesh, and Telangana individually added more than 5% of the total net members during the month.
EPFO: Industry-wise Trends
Month-on-month comparison of industry-wise data displays significant growth in the members working in establishments engaged in industries such as expert services, trading – commercial establishments, electrical, mechanical or engineering products, garments making, establishments engaged in cleaning, sweeping services, hospitals, financing establishments, companies/societies/associations/clubs/troupes for performances, etc.
Of the total net membership, around 41.69% addition is from expert services, consisting of manpower suppliers, normal contractors, security services, miscellaneous activities, etc.
The provisional payroll data for September 2024 highlights the positive trends in employment and social security coverage in India.
The significant increase in EPFO membership, especially among the youth and women, reflects the growing opportunities and inclusivity in the workforce.
As the data is provisional and subject to updates, it will be interesting to see how these trends evolve in the coming months.
Note: We are also on WhatsApp, LinkedIn, Google News, and YouTube, to get the latest news updates, Subscribe to our Channels. WhatsApp– Click Here, Google News– Click Here, YouTube – Click Here, and LinkedIn– Click Here.
