The employees’ provident fund organisation (EPFO) released its provisional payroll data for November 2024, boasting a net addition of 14.63 lakh members.
The net member registrations rose 9.07 per cent in November as compared to the previous month of October 2024, ministry of labour and employment said in its release. On an annual basis, the ministry recorded a 4.88 per cent rise, throwing light on the uptick in employment opportunities and increased awareness about employment benefits due to EPFO’s “outreach initiatives”.
Key highlights
1. Surge in new memberships
In November 2024, the organisation enrolled approximately 8.74 lakh new members, marking an increase of 16.58 per cent from October 2024 and an 18.80 per cent increase compared to November 2023.
The uptick in new enrolments was attributed to expanding job opportunities, heightened awareness of employee benefits, and the organisation’s robust outreach programs.
2. Dominance of the 18-25 age group
The 18-25 age group accounted for 54.97 per cent of the total new members, with 4.81 lakh individuals joining in November. This marks a 9.56 per cent increase from October and a 13.99 per cent rise year-on-year.
Net payroll additions in this age group stood at 5.86 lakh, 7.96 per cent up from the previous month, highlighting the trend of young, first-time job seekers entering the workforce.
3. Rejoining members see growth
Around 14.39 lakh members who exited EPFO re-joined in November, showcasing a 11.47 per cent increase as compared to October, noting a substantial 34.75 per cent rise year-on-year.
These members chose to transfer their accumulations rather than choosing final settlements, safeguarding long-term financial well being.
4. Rise in female membership
Female participation witnessed a remarkable growth reflecting a shift towards a more inclusive and diverse workforce. The release stated that 2.40 lakh new members enrolled in November, showing a 14.94 per cent increase from October with a 23.62 per cent annual jump. The net addition of female members reached 3.13 lakh during the month with a 12.16 per cent rise. It also reflected a growth of 11.75 per cent against the corresponding period in 2023.
5. State-wise contributions
The top five states/UTs: Maharashtra, Karnataka, Tamil Nadu, Haryana, and Gujarat, accounted for 59.42 per cent of the
net member additions
, with Maharashtra alone contributing 20.86 per cent. Other states like Delhi, Telangana, and Uttar Pradesh also individually added more than 5 per cent of the total members.
6. Industry-wise trends
A skyrocketing growth was observed in industries such as engineering, textiles, garments, and expert services, including manpower suppliers and security services. Expert services alone contributed 38.98 per cent of the total net membership.
The organisation noted that the payroll data remains provisional, subject to updates as records are continuously refined. The updates account for delayed filing of electronic challan-cum-return (ECR) forms and modifications in membership records.
Since April 2018, EPFO has been releasing monthly payroll data, covering periods from September 2017 onwards. This data provides insights into members joining for the first time, rejoining, and exiting.
