EPFO to add 13.41 lakh members by October 2024; important information from payroll data
The Employees’ Provident Fund Organization (EPFO) saw a total addition of 13.41 lakh members by October 2024, according to data released by the Ministry of Labor and Employment.
Highlights of October 2024 data
New Membership Growth:
EPFO enrolled around 7.50 lakh new members during the month. This growth is due to increased employment opportunities, increased awareness of employee benefits, and outreach programs of EPFO.
Youth Rule:
The 18-25 age group emerged as the largest contributor, accounting for 58.49 percent of the new members added, adding to the total paid membership of 5.43 lakh. This trend coincides with the entry of young, first-time job seekers into the formal workforce.
Career Changers:
About 12.90 lakh members exited and joined EPFO in October, marking a year-on-year growth of 16.23 percent compared to October 2023. These members transferred their funds instead of withdrawing, ensuring continued financial security and social protection.
Participation of women:
A total of 2.09 lakh new female members were added in October, showing an increase of 2.12 percent year-on-year. The addition of women members has stood at 2.79 lakh, which shows progress towards workforce diversity and inclusion.
Country Contributions:
The top five states / UTs – Maharashtra, Karnataka, Tamil Nadu, Delhi and Haryana – contributed 61.32 percent of the added members, while Maharashtra alone accounted for 22.18 percent. Other states like Telangana and Gujarat also contributed more than 5 percent of the total membership.
Industry Smart Trends:
Industries such as road transport, private telecommunications, and non-national banks have shown significant membership growth. Professional services, which include labor providers, contractors, and security services, made up 42.29 percent of the total added value.
Provisional Data and Updates
Payroll data remains provisional and subject to revision as EPFO continues to update employee records. Monthly reviews ensure accurate and complete reporting.
This steady increase in total membership reflects a strong job market and growing awareness of social security benefits among employees, underscoring EPFO’s role in securing the financial future of employees.
