The Employees’ Provident Fund Organisation (EPFO) has published its provisional payroll data for October 2024, showing a net increase of 13.41 lakh members. This uptick reflects improved employment prospects and greater awareness about employee benefits, supported by EPFO’s effective outreach efforts.
In October 2024, EPFO enrolled approximately 7.50 lakh new members. This growth can be attributed to expanding job opportunities, heightened awareness of employee benefits, and the success of EPFO’s outreach campaigns.
A key takeaway from the data is the prominence of the 18-25 age group, which accounts for 58.49% of the total new members, with 5.43 lakh additions in this category. This trend aligns with earlier patterns showing that a majority of new members are young individuals, often first-time job seekers entering the formal workforce.
The payroll data also reveals that around 12.90 lakh members exited and rejoined EPFO, reflecting a 16.23% year-over-year increase compared to October 2023. These individuals changed jobs and rejoined establishments under EPFO’s coverage, opting to transfer their retirement funds rather than applying for a final settlement, thus preserving their long-term financial security and social security benefits.
A gender breakdown of the payroll data shows that approximately 2.09 lakh new female members were added in October 2024, marking a 2.12% increase compared to October 2023. The net addition of female members for the month stood at about 2.79 lakh, indicating a trend towards a more inclusive and diverse workforce.
State-wise analysis indicates that the top five states and Union Territories (UTs) accounted for around 61.32% of the total net membership additions, contributing approximately 8.22 lakh members. Maharashtra led the way, contributing 22.18% of the net additions. Other states such as Karnataka, Tamil Nadu, Delhi, Haryana, Telangana, and Gujarat each contributed more than 5% of the total additions.
Industry-wise, the data shows notable growth in industries such as road motor transport, private electronic media companies, and banks (excluding nationalized ones). Among the various sectors, around 42.29% of the net membership increase came from expert services, which include sectors like manpower suppliers, contractors, security services, and miscellaneous activities.
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