According to the Employees’ Provident Fund Organization (EPFO), a net increase of 16.05 lakh members was registered in December 2024. This marks a 9.69% rise in net payroll additions compared to November 2024.
A year-on-year analysis reveals a 2.74% growth in net payroll additions from December 2023, highlighting expanding employment opportunities and greater awareness of employee benefits, supported by EPFO’s outreach efforts.
EPFO registered approximately 8.47 lakh new subscribers in December 2024, reflecting a 0.73% annual increase from December 2023. This growth is attributed to rising employment prospects, improved awareness of employee benefits, and the effectiveness of EPFO’s engagement programs.
A notable trend in the data is the predominance of the 18-25 age group, which saw 4.85 lakh new enrollments, accounting for 57.29% of total new subscribers in December 2024. The number of new subscribers in this category increased by 0.91% compared to November 2024 and by 0.92% year-on-year from December 2023.
The net payroll addition for individuals aged 18-25 reached approximately 6.85 lakh in December 2024, registering a 16.91% increase from November 2024. This trend aligns with previous observations that the majority of new entrants into the organised workforce are young job seekers, many of whom are securing their first employment.
The payroll data further shows that around 15.12 lakh members exited and subsequently rejoined EPFO. This figure marks a 5.10% rise compared to November 2024 and a substantial 25.76% increase year-over-year from December 2023. Many of these members changed jobs and opted to transfer their accumulated funds rather than withdraw them, thereby securing their long-term financial stability and social security coverage.
Gender-based analysis of the payroll data indicates that out of the total new subscribers, approximately 2.22 lakh were female members, showing a 6.34% increase from December 2023. Additionally, net payroll additions for female members stood at around 3.03 lakh, reflecting a 4.77% year-on-year growth. The increasing female participation signifies a positive trend toward workforce inclusivity and diversity.
A regional analysis of payroll data suggests that the top five states/UTs contributed approximately 59.84% of the net payroll additions, totalling 9.60 lakh members in December 2024. Maharashtra led the way, accounting for 21.71% of the net payroll increase. Other states, including Karnataka, Gujarat, Haryana, Delhi, Tamil Nadu, Uttar Pradesh, and Telangana, each contributed more than 5% of the total net payroll for the month.
An industry-wise comparison of month-on-month payroll data highlights significant growth in payroll additions across sectors such as Expert Services, Building and Construction, Trading and Commercial Establishments, Financing Establishments, and Miscellaneous Services. Notably, 41.23% of the total net payroll addition originated from Expert Services, which encompasses manpower suppliers, security services, contractors, and other miscellaneous roles.
Cover photo: www.freepik.com
