Significant Growth in Member Additions
The Employees’ Provident Fund Organisation (EPFO) announced that EPFO adds 18.81 lakh net members, great growth figures, revealing a 9.33% increase in net member additions for September 2024, with a total of 18.81 lakh new members compared to the same month last year. This growth highlights the strengthening of employment opportunities and increased awareness of employee benefits.
New Enrollments Surge
The payroll data shows that around 9.47 lakh new members were enrolled in September 2024, marking a 6.22% rise over September 2023. The Labour Ministry attributes this surge to better employment prospects, enhanced awareness of employee benefits, and successful outreach programs by EPFO.
Youth Leading the Way
A notable aspect of the data is the dominance of the 18-25 age group, which made up 59.95% of the total new members added in September 2024. The net payroll data for this age group stands at 8.36 lakh, showing a 9.14% year-on-year growth. This trend indicates that the majority of those joining the organized workforce are young, primarily first-time job seekers.
Rejoining Members and Female Workforce Growth
The payroll data also highlights that approximately 14.10 lakh members exited and then rejoined EPFO, showing an 18.19% year-on-year increase. Gender-wise analysis reveals that around 2.47 lakh women became new members in September, reflecting a 9.11% year-on-year growth. The net addition of female members reached 3.70 lakh, a 12% rise, indicating a shift towards a more inclusive and diverse workforce.
State-Wise Membership Additions
State-wise analysis shows that the top five states/Union Territories accounted for 59.86% of net member additions, totaling 11.26 lakh in September. Maharashtra led the way, contributing 21.20% of net members. Other states such as Karnataka, Tamil Nadu, Delhi, Haryana, Gujarat, Uttar Pradesh, and Telangana each added over 5% of the total net members during the month.
Industry-Wise Trends
Industry-wise data comparison highlights significant growth in members working in sectors like expert services, trading-commercial establishments, electrical, mechanical or engineering products, garment making, cleaning services, hospitals, financing establishments, and performance groups. Expert services, including manpower suppliers, contractors, and security services, contributed to 41.69% of the total net membership.
Ongoing Data Updates
The EPFO clarified that the payroll data is provisional, as updating employee records is a continuous process. The monthly payroll data accounts for members joining EPFO for the first time through Aadhaar-validated Universal Account Numbers (UAN), those exiting EPFO coverage, and members who exited but rejoined, to determine the net monthly payroll.
