The Employees' Provident Fund Organisation (EPFO) on Tuesady released provisional payroll data for November 2024, indicating a net addition of 14.63 lakh members.
An increase of 9.07 per cent has been registered in net member addition during the current month as compared to the previous month of October 2024, the Ministry of Labour and Employment added in a release.
Additionally, the year-over-year data shows a 4.88 percent rise in net member additions from November 2023.
Citing the reason behind the growth in additions, the Ministry stated that the figures indicate more job possibilities and greater knowledge of employee benefits, both of which are supported by EPFO's successful outreach efforts.
EPFO enrolled around 8.74 lakh new members in November 2024. The new members' addition shows an increase of 16.58 per cent when compared with previous month of October 2024. Further, year on year analysis reveals a growth of 18.80 per cent in the new members addition from the previous year in November 2023.
This surge in new memberships can be attributed to growing employment opportunities, increased awareness of employee benefits, and EPFO's successful outreach programs, the Ministry added.
A noticeable aspect of the data is the dominance of the 18-25 age group, 4.81 lakh new members added in the 18-25 age group constituting a significant 54.97 per cent of the total new members added in November 2024.
New members added in the month from 18-25 age group shows an increase of 9.56 per cent compared with previous month of October 2024 and a growth of 13.99 per cent from the previous year in November 2023.
In addition, the net payroll data for the age group 18-25 for November 2024 is approximately 5.86 lakh reflecting an increase of 7.96 per cent compared to the previous month of October 2024.
This is in consonance with the earlier trend which indicates that most individuals joining the organized workforce are youth, primarily first-time job seekers, the Ministry said.
The payroll data highlights that approximately 14.39 lakh members exited and subsequently rejoined EPFO. This figure represents 11.47 per cent increase compared to the previous month of October 2024. It also depicts a significant year-over-year growth of 34.75 per cent compared to November 2023.
Gender-wise analysis of payroll data unveils that out of the new members added during the month, around 2.40 lakhs are new female members.
The comparison with the previous month of October 2024 shows an increase of 14.94 per cent.
This figure also exhibits significant year-over-year growth of 23.62 per cent compared to November 2023.
the net female member addition during the month stood at around 3.13 lakh reflecting an increase of approximately 12.16 per cent compared to the previous month of October 2024. It also reflects a year over year growth of 11.75 per cent compared to November 2023.
State-wise analysis of payroll data denotes that net member addition in the top five states/ UTs constitutes around 59.42 per cent of net member addition, adding a total around 8.69 lakh net members during the month. Of all the st ..
Source Name : Economic Times