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EPFO adds 13.41 lakh net members during October
Dec-26-2024

The Ministry of Labour and Employment in its latest data has showed that the Employees’ Provident Fund Organisation (EPFO) recorded a net addition of 13.41 lakh members in October 2024. EPFO enrolled around 7.50 lakh new members in October 2024. This rise in new memberships can be attributed to growing employment opportunities, increased awareness of employee benefits, and EPFO’s successful outreach programmes.

A significant highlight of the data is the dominance of the 18-25 age group, which accounts for 58.49 per cent of the total new members added during October 2024. The net payroll data for the 18-25 age group in October 2024 stood at 5.43 lakh. This aligns with previous trends, which indicate that most individuals joining the organised workforce are young, primarily first-time job seekers.

The payroll data also revealed that around 12.90 lakh members exited and subsequently rejoined EPFO. This reflects year-over-year growth of 16.23 per cent compared to October 2023. These members switched jobs and rejoined establishments under EPFO’s ambit, opting to transfer their accumulations rather than applying for final settlement. This decision helps safeguard their long-term financial well-being while extending social security protection.

A gender-wise analysis of the payroll data showed that around 2.09 lakh of the new members added during the month were female. This figure represents a year-over-year growth of 2.12 per cent compared to October 2023. Additionally, the net female member addition for the month stood at approximately 2.79 lakh, highlighting a broader shift towards a more inclusive and diverse workforce.


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