EPFO Records Significant Growth in New Memberships for October 2024
The Employees’ Provident Fund Organisation (EPFO) has reported an impressive addition of 13.41 lakh net new members in October 2024, according to their latest payroll data. This surge reflects improved employment opportunities and a greater awareness of employee benefits, as highlighted by the labour ministry on Wednesday.
Latest Payroll Data Insights
The provisional payroll data for October 2024 indicates that the EPFO registered approximately 7.50 lakh new members during this period. The increase in new memberships can be attributed to several factors:
- Growing job opportunities
- Enhanced awareness regarding employee benefits
- EPFO’s successful outreach initiatives
Demographics of New Members
A noteworthy observation from the data is the prevalence of the 18-25 age group, which comprises 58.49% of the total new members added in October 2024. Specifically, this age group saw a net addition of 5.43 lakhs, aligning with the existing trend that highlights the influx of young, first-time job seekers into the organised workforce.
Member Transitions
Furthermore, the payroll data indicates that roughly 12.90 lakh members exited and later rejoined the EPFO, which marks a year-on-year growth of 16.23% when compared to October 2023. These individuals changed jobs and chose to reintegrate into EPFO-covered establishments, opting to transfer their accumulations rather than settle their accounts, thereby enhancing their long-term financial stability and social security.
Gender Breakdown
Analysis by gender reveals that out of the new members added during the month, around 2.09 lakh are female members, showing a year-on-year growth of 2.12% compared to October 2023. Additionally, the net female member addition reached approximately 2.79 lakh. This rise in female participation signifies a shift towards a more inclusive and diverse workforce.
Regional Contributions
An examination of the state-wise payroll data shows that the net member addition from the top five states and Union Territories accounts for 61.32% of the total, contributing around 8.22 lakh members this month. Maharashtra stands out by contributing 22.18% of the net members. Other states and UTs such as Karnataka, Tamil Nadu, Delhi, Haryana, Telangana, and Gujarat each added more than 5% of the total net members during October.
Industry Analysis
A month-on-month comparison of industry data reflects substantial growth in member numbers across various sectors, including:
- Road motor transport
- Private sector electronic media
- Banks (excluding nationalised banks)
Moreover, approximately 42.29% of the total net membership growth is attributed to expert services, which encompass manpower suppliers, contractors, security services, and other related activities.
Provisional Payroll Data
It is important to note that the payroll data is provisional as it is generated continuously, with employee records being updated regularly. Since April 2018, EPFO has been releasing payroll data covering periods from September 2017 onwards. The monthly payroll figures account for first-time members joining through Aadhaar-validated Universal Account Numbers (UAN), existing members exiting EPFO coverage, and those who exited but later rejoined.