December Sees Addition of 16.05 Lakh Net Members to EPFO Amidst Rise in Young and Female Payroll Additions

New Delhi, Feb 25 (NationPress) The Employees' Provident Fund Organisation (EPFO) achieved a remarkable 9.69 per cent month-on-month growth in net payroll additions in December 2024, totaling 16.05 lakh net members, as reported by the government on Tuesday.

The provisional payroll data for December indicates a 2.74 per cent year-on-year growth in net payroll additions compared to December 2023, highlighting enhanced employment opportunities and greater awareness of employee benefits, driven by the EPFO's effective outreach efforts.

During December 2024, approximately 8.47 lakh new subscribers were registered, reflecting a 0.73 per cent year-on-year increase from the previous December.

This rise in new subscribers is linked to expanding job opportunities, heightened awareness of employee benefits, and the EPFO's successful outreach initiatives.

As per the Ministry of Labour and Employment, a notable finding from the data is the significant representation of the 18-25 age group.

Data indicates that 4.85 lakh new subscribers were added from the 18-25 age group, accounting for 57.29 per cent of the total new subscribers in December 2024.

The new subscribers in the younger age group showed a 0.91 per cent increase compared to November 2024 and a 0.92 per cent rise from December 2023.

Furthermore, the net payroll addition for the 18-25 age group in December 2024 stands at approximately 6.85 lakh, marking a 16.91 per cent increase from November 2024.

This trend aligns with prior observations indicating that a majority of individuals entering the organized workforce are young, primarily first-time job seekers, according to the ministry.

A gender-based analysis of the payroll data revealed that out of the total new subscribers for the month, approximately 2.22 lakh were female subscribers.

This statistic shows a significant year-over-year increase of 6.34 per cent compared to December 2023. Additionally, the net female payroll addition for the month reached around 3.03 lakh, reflecting a year-on-year growth of 4.77 per cent compared to December 2023.

The rise in female member additions indicates a shifting trend towards a more inclusive and diverse workforce.

Approximately 15.12 lakh members exited and subsequently rejoined the EPFO during the reported month, representing a 5.10 per cent increase compared to November.

This also signifies an impressive year-over-year growth of 25.76 per cent compared to December 2023.

A state-wise analysis showed that the top five states/UTs contributed around 59.84 per cent of net payroll additions, totaling around 9.60 lakh net payroll for the month.

Maharashtra led with a contribution of 21.71 per cent of net payroll additions during the month, as per the data.