EPFO added 13.41 lakh net members in October 2024
The Employees’ Provident Fund Organisation (EPFO) has released the provisional payroll data for October 2024, to which 13.41 lakh members have been added. This indicates increased employment opportunities and increased awareness about employee benefits, which have been reinforced by epfo’s effective publicity initiatives.
The key features of the EPFO payroll data (October 2024) are:
New subscription:
In October 2024, the EPFO had registered around 7.50 lakh new members. This increase in new membership can be attributed to increased employment opportunities, increased awareness about employee benefits and epfo’s successful publicity programme.
New membership in Group 18-25:
A notable aspect of the data is the dominance of the 18-25 age group, which is 58.49% of the total new members added in October 2024. The net payroll data for the 18-25 years age group for October 2024 is 5.43 lakh. This is similar to the earlier trend which indicates that most individuals join the organized war.
New membership in Group 18-25:
A notable aspect of the data is the dominance of the 18-25 age group, which is 58.49% of the total new members added in October 2024. The net payroll data for the 18-25 years age group for October 2024 is 5.43 lakh. This is in line with the previous trend which suggests that the majority of people joining the organized workforce are young people, mainly first-time job seekers.
Members who rejoined:
Around 12.90 lakh members resigned from the EPFO and subsequently rejoined the EPFO. The annual growth rate is 16.23% over October 2023. These members changed their jobs and rejoined the establishments under the EPFO and preferred to transfer their savings instead of applying for a final settlement, thereby securing long-term financial well-being and enhancing their social security security.
Contribution by State:
A state-wise analysis of payroll data shows that adding net members to the top five states/UTs accounts for about 61.32% of the total number of net members added, adding a total of 8.22 lakh net members during the month. Of all the states this month, Maharashtra leads by adding 22.18% net members. States/UTs of Maharashtra, Karnataka, Tamil Nadu, Delhi, Haryana, Telangana and Gujarat added more than 5% of the total NET members this month.
Industry-based trends:
A month-on-month comparison of industrial data shows a significant growth in the number of members working in establishments engaged in the industry. Road motor transport, electronic media companies in the private sector, banks other than public sector banks, etc. About 42.29% of the total net membership is from specialist services (including human resource suppliers, general contractors, security services, micelles)
The above payroll data is temporary as data generation is a continuous practice, as updating employee records is a continuous process. The previous data is updated every month. The EPFO has been releasing payroll data for the period from April 2018 to September 2017. The monthly payroll data includes the number of first-time members joining the EPFO through the Aadhaar valid Universal Account Number (UAN), the number of members who have withdrawn from the EPFO’s coverage but rejoined as members to reach the net monthly payroll. read more
