Employees Provident Fund Organization (EPFO) added 13.41 lakh new members in October this year. This information is obtained from the latest payroll data. This reflects the increase in employment opportunities and awareness about employee benefits, which has been promoted by various effective programs to expand the reach of EPFO, the Labor Ministry said in a statement on Wednesday. According to the statement, the Employees’ Provident Fund Association has released payroll data for October, 2024, which has seen a net increase of 13.41 lakh members. According to the data, EPFO created about 7.50 lakh new members in October 2024. The ministry said this increase in the number of new members has been possible due to increased employment opportunities, awareness about employee benefits and various effective programs to increase the reach of EPFO.
58.49% people are in the age group of 18-25 years
The share of 18-25 age group in the total new members added in October was 58.49 percent. During this period, the net salary figure for the age group of 18-25 is Rs 5.43 lakh. This is in line with previous trends indicating that the majority of individuals joining the organized workforce are young, primarily first-time job seekers. Payroll data shows that around 12.90 lakh members opted out of EPFO and later rejoined it. These members changed their jobs and re-joined the institutions covered by EPFO and opted to transfer their accumulated amount instead of applying for final settlement.
2.09 lakh new women members
According to payroll data, about 2.09 lakh new members added during October are women. This figure is an annual increase of 2.12 percent compared to October, 2023. Additionally, the number of net female members increased by 2.79 lakh during the month. The increase in female members signals a broader shift toward a more inclusive and diverse workforce. The net membership growth in the top five states/UTs is about 61.32 per cent. Overall, around 8.22 lakh net members were added in these five states/UTs in October. Maharashtra remained at the forefront during this period by adding 22.18 percent net members. The states/UTs of Maharashtra, Karnataka, Tamil Nadu, Delhi, Haryana, Telangana and Gujarat added more than five per cent of the total net members during the month.
