New Delhi, Dec 25 (Agency) Retirement fund manager Employees’ Provident Fund Organisation (EPFO) added 13.41 lakh net members during the month of October 2024, as per official data released on Wednesday. “This signifies increased employment opportunities and heightened awareness of employee benefits, bolstered by EPFO’s effective outreach initiatives,” said a release from Ministry of Labour & Employment. As per the official data, EPFO enrolled around 7.50 lakh new members in October 2024.At 5.43 lakhs members, the 18-25 age group accounted for 58.49% of the total new members added in October 2024 indicating that most individuals joining the organized workforce are youth, primarily first-time job seekers. The payroll data highlighted that approximately 12.90 lakh members exited and subsequently rejoined EPFO during the month of October this year. These members switched their jobs and re-joined the establishments covered under the ambit of EPFO and opted to transfer their accumulations instead of applying for final settlement thus, safeguarding long-term financial well-being and extending their social security protection.
Gender-wise analysis of payroll data unveils that out of the new members added during the month, around 2.09 lakhs are new female members. State-wise analysis of payroll data denoted that net member addition in the top five states/UTs constitutes around 61.32% of net member addition, adding a total around 8.22 lakh net members during the month. Of all the states, Maharashtra led by adding 22.18% of net members during the month. The states/UTs of Maharashtra, Karnataka, Tamil Nadu, Delhi, Haryana, Telangana and Gujarat individually added more than 5% of the total net members during the month. “Month-on-month comparison of industry-wise data displays significant growth in the members working in establishments engaged in the industries viz. road motor transport, electronic media companies in private sector, banks other than nationalised banks etc. Of the total net membership, around 42.29% addition is from expert services (consisting of manpower suppliers, normal contractors, security services, miscellaneous activities etc.),” the official release said.