EPFO has reported a significant increase in its membership numbers for October 2024, with a net addition of 13.41 lakh members.
This growth is indicative of increased employment opportunities and heightened awareness of employee benefits, bolstered by EPFO’s effective outreach initiatives.
EPFO: New Membership and Youth Dominance
Out of the total new members, 7.50 lakh were newly enrolled in October 2024.
A notable aspect of this data is the dominance of the 18-25 age group, which constituted 58.49% of the total new members added during the month.
This trend aligns with the earlier pattern, indicating that most individuals joining the organized workforce are youth, primarily first-time job seekers.
The payroll data also highlights that approximately 12.90 lakh members exited and subsequently rejoined EPFO.
These members switched their jobs and opted to transfer their accumulations instead of applying for final settlement, thus safeguarding their long-term financial well-being and extending their social security protection.
A gender-wise analysis of the payroll data reveals that out of the new members added during the month, around 2.09 lakh are new female members, exhibiting a year-on-year growth of 2.12% compared to October 2023.
The net female member addition during the month stood at around 2.79 lakh, indicating a broader shift towards a more inclusive and diverse workforce.
State and Industry-Wise Contribution
State-wise analysis shows that net member addition in the top five states/union territories (UTs) constitutes around 61.32% of the net member addition, adding a total of around 8.22 lakh net members during the month.
Maharashtra led the states by adding 22.18% of net members during the month.
Other states/UTs contributing significantly include Karnataka, Tamil Nadu, Delhi, Haryana, Telangana, and Gujarat.
Month-on-month comparison of industry-wise data displays significant growth in members working in establishments engaged in industries such as road motor transport, electronic media companies in the private sector, and banks other than nationalized banks.
Of the total net membership, around 42.29% addition is from expert services, consisting of manpower suppliers, normal contractors, security services, and miscellaneous activities.
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.
