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EPFO Adds 14.63 Lakh New Members in Nov 2024, Signaling Growth in Employment

The surge in membership is attributed to the growing employment opportunities across sectors, coupled with increased awareness of employee benefits due to EPFO's outreach initiatives.

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Pratidin Time
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The Employees' Provident Fund Organisation (EPFO) has reported a net addition of 14.63 lakh members in November 2024, according to provisional payroll data released by the Ministry of Labour and Employment on Tuesday. This marks a 9.07% increase in the number of registered members compared to October 2024, and a 4.88% rise in member additions year-on-year.

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The surge in membership is attributed to the growing employment opportunities across sectors, coupled with increased awareness of employee benefits due to EPFO's outreach initiatives.

In total, EPFO enrolled 8.74 lakh new members in November, a notable 16.58% increase compared to October. On a year-on-year basis, the new membership saw an 18.8% rise, reflecting an expanding workforce and greater adoption of formal employment schemes.

A significant proportion of the new additions, around 4.81 lakh members, belong to the 18-25 age group, making up 54.97% of the total new members. This age group also saw a 9.56% increase in new additions compared to October. The net payroll data for members aged 18 to 25 years stood at approximately 5.86 lakh in November, showing a 7.96% rise compared to the previous month. This data suggests that a majority of new enrollees are young individuals, many of whom are first-time job seekers.

Women’s participation in EPFO’s membership program has also seen a substantial increase. Around 2.40 lakh women were enrolled in November, marking a 14.94% increase from October and a 23.62% rise year-on-year. The net addition of female members for November reached approximately 3.13 lakh, reflecting a 12.16% month-on-month increase and an 11.75% growth compared to the same month last year.

The top five states and union territories contributed 59.42% of the total net member additions in November. Maharashtra led the pack, adding 20.86% of the net members. Other states with significant contributions include Karnataka, Tamil Nadu, Haryana, Gujarat, Delhi, Telangana, and Uttar Pradesh, each adding over 5% of the total net members.

Also Read: Optimistic Outlook for Indian Economy, Survey Finds Strong Private Investment Prospects

EPFO Employees' Provident Fund Organisation (EPFO)