EPFO Reports Addition of 1.34 Million Members as Employment Grows
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New Delhi, Dec 25 (NationPress) The Employees' Provident Fund Organisation (EPFO) has reported a net increase of 1.34 million members in October, showcasing a surge in employment levels and heightened awareness of employee benefits among workers, as stated by the Ministry of Labour and Employment on Wednesday.
In October, EPFO welcomed approximately 750,000 new members, with a notable 58.49 percent belonging to the youth demographic aged 18-25. The net figure for this predominant age group stands at 543,000. This aligns with previous trends indicating that the majority of individuals joining the organized workforce are young, primarily first-time job seekers, which highlights the growing employment prospects in the economy.
The payroll statistics reveal that around 1.29 million members exited and later rejoined EPFO. This number reflects a year-over-year increase of 16.23 percent compared to October 2023. These members changed jobs and returned to establishments under EPFO's jurisdiction, opting to transfer their funds instead of requesting final settlement, thereby ensuring their long-term financial stability and extending their social security coverage.
Gender-specific payroll analysis indicates that of the new members added that month, about 209,000 are new female members. This represents a year-on-year growth of 2.12 percent compared to October 2023.
Furthermore, the net addition of female members for the month reached approximately 279,000. This rise in female member registrations signifies a broader transition towards a more inclusive and diverse workforce, according to the official statement.
State-wise payroll analysis reveals that the net member increase in the top five states/UTs accounts for approximately 61.32 percent of the total net member addition, totaling around 822,000 net members for the month. Maharashtra leads with a contribution of 22.18 percent of net members during this period. The states/UTs including Maharashtra, Karnataka, Tamil Nadu, Delhi, Haryana, Telangana, and Gujarat each added more than 5 percent of the total net members that month.
A month-on-month comparison of industry-specific data shows notable growth in sectors involving establishments such as road motor transport, electronic media companies, and banks (excluding nationalized banks). The payroll data is provisional as data generation is an ongoing process, with continuous updates to employee records, the statement concluded.
