EPFO membership soars in October: 18-25 year-olds and women lead the surge
The Employees’ Provident Fund Organisation (EPFO) added 13.41 lakh new members in October 2024, according to the latest payroll data released by the Ministry of Labour and Employment on December 25.
Of this, 7.50 lakh were new members, with a significant portion, 58.49%, coming from the 18-25 age group, which added 5.43 lakh members. This continues the trend of young, first-time job seekers joining the organized workforce.
In addition to new enrollments, approximately 12.90 lakh members exited and rejoined EPFO, marking a 16.23% year-on-year growth. These individuals transferred their fund accumulations rather than settling them, ensuring continued social security coverage and financial security.
Gender-wise, 2.09 lakh new female members joined EPFO, showing a 2.12% increase from October 2023. This shift highlights a growing trend toward a more inclusive workforce. The total number of female members added stood at 2.79 lakh during the month, further emphasizing this positive change.
State-wise, the top five states and union territories accounted for 61.32% of the total new additions, with Maharashtra leading at 22.18%. Other states like Karnataka, Tamil Nadu, Delhi, Haryana, Telangana, and Gujarat also saw significant additions, each contributing more than 5% of the total members.
Industry-wise, notable growth occurred in sectors such as road motor transport, private-sector electronic media, and private banks. A substantial 42.29% of the new members came from expert services, including manpower suppliers and security services.
EPFO’s monthly payroll data, updated every month since April 2018, tracks new members, those exiting and rejoining, and transfers between establishments. This data provides valuable insights into the evolving workforce dynamics and EPFO’s growing reach.
