On December 25, 2024, the Employees’ Provident Fund Organisation (EPFO) has released the provisional payroll data for October 2024, showing a net addition of 13.41 lakh members, indicating a growing trend in employment opportunities and an increasing awareness of employee benefits, aided by EPFO’s successful outreach programs.
In October 2024, EPFO enrolled approximately 7.50 lakh new members. This increase was fueled by a rise in employment opportunities, greater awareness of employee benefits, and the effectiveness of EPFO’s outreach initiatives.
A notable trend in the data is the dominance of the 18-25 age group, which accounted for 58.49% of the total new memberships. This translates to a net addition of 5.43 lakh members in this age bracket. This trend aligns with previous data showing that a significant portion of those joining the organized workforce are young, first-time job seekers.
The data released by EPFO highlighted that approximately 12.90 lakh members who had exited EPFO rejoined in October 2024. This marks a 16.23% year-over-year growth compared to October 2023. These rejoined members had switched jobs and chose to transfer their provident fund balances instead of opting for final settlement, ensuring continued social security protection and long-term financial stability.
A gender-wise analysis showcased that 2.09 lakh of the new members in October 2024 were female, reflecting a 2.12% increase compared to the same month in 2023. The total net addition of female members stood at 2.79 lakh. This growth indicates a positive shift toward a more inclusive and diverse workforce.
While the state-wise analysis revealed that the top 5 states and Union Territories (UTs) accounted for 61.32% of the total net member additions, contributing approximately 8.22 lakh members in total. Maharashtra led with 22.18% of the net member additions. Other states/UTs contributing significantly included Karnataka, Tamil Nadu, Delhi, Haryana, Telangana, and Gujarat, each adding more than 5% of the total net members.
Month-on-month industry analysis indicates significant growth in certain sectors, including road motor transport, private electronic media companies, and banks (excluding nationalized banks). Additionally, 42.29% of the total net membership additions came from the expert services sector, which includes manpower suppliers, contractors, security services, and other miscellaneous activities.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.
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