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EPFO membership surges with 1.34 million net additions in October
- The EPFO added 750,000 new members in October, with 18–25-year-olds driving over half of the enrolments.
The Employees' Provident Fund Organisation (EPFO) reported a net addition of 1.34 million members in October. The surge reflects growing employment opportunities and heightened awareness of social security benefits among workers. Provisional payroll data for October reveals positive trends in both new enrolments and returning members, signalling continued progress in workforce participation.
According to the Ministry of Labour and Employment’s release on Wednesday, 750,000 new members joined EPFO in October. This growth, according to the release, is attributed to expanding job opportunities, increased awareness of EPFO benefits, and effective outreach initiatives by the organization.
A striking trend in the data is the strong representation of young workers. The 18–25 age group accounted for 58.49% of all new enrolments, with 543,000 members joining in October. This reflects a growing number of first-time job seekers entering the organized workforce.
Additionally, 591,000 individuals re-joined EPFO in October after previously exiting, marking a 16.23% year-on-year increase. The trend suggests a preference among workers to transfer accumulations rather than opt for final settlements, emphasizing a focus on long-term financial security.
The data also highlights a rise in female participation. Approximately 209,000 women joined EPFO in October, representing a 2.12% year-on-year increase. The net female membership addition stood at 279,000, underscoring the growing presence of women in the formal workforce.
Regionally, Maharashtra led with 22.18% of total net membership additions. The top five states—Maharashtra, Karnataka, Tamil Nadu, Delhi, and Haryana—contributed over 61% of the total additions, with each adding more than 5%.
Industry-wise, the expert services sector, including manpower suppliers, contractors, and security services, saw the highest growth, contributing 42.29% of net additions. Other sectors such as road transport, private electronic media, and banking services also posted notable increases.
EPFO’s payroll data, first introduced in April 2018, covers records from September 2017 onward and is regularly updated to reflect changes in employment records. The latest figures underscore a positive trajectory in India’s labour market, driven by economic growth and the rising importance of social security and retirement planning.
“The EPFO report, showing a net addition of 13.41 lakh members in October 2024, reflects positive growth in employment and formal job opportunities in India. This increase indicates stronger participation in the organised sector, offering better job security and benefits like provident fund and pension. It also highlights the effectiveness of government policies focused on job creation and economic stability, contributing to the country's overall development and improved financial security for individuals,” said Suchita Dutta, executive director, Indian Staffing Federation (ISF), a public policy advocacy organization.
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Business NewsEconomyEPFO membership surges with 1.34 million net additions in October
First Published:25 Dec 2024, 04:16 PM IST
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