The Employees’ Provident Fund Organisation (EPFO) has announced a net addition of 14.63 lakh members in November 2024, marking a 9.07% increase compared to October.
This growth highlights the continuing expansion of employment opportunities and rising awareness about employee benefits across India.
EPFO Sees New Memberships
According to the EPFO, around 8.74 lakh new members were enrolled in November 2024, representing a notable 16.58% month-on-month increase.
When compared with the same period last year, the addition of new members shows a year-on-year growth of 18.8%, reflecting the increasing stability of the labor market.
The surge in new memberships can be attributed to growing employment opportunities and successful outreach programs by the EPFO, which have raised awareness about the benefits of joining the formal workforce.
Youth Dominates Membership Additions
A significant trend emerging from the data is the dominance of the 18-25 age group, which contributed 4.81 lakh new members in November 2024. This age group accounted for nearly 55% of the total new memberships added. The number of new members in this age group saw an increase of 9.56% compared to October 2024 and 13.99% compared to November 2023.
The rise in young members indicates that a large number of individuals joining the formal workforce are first-time job seekers, aligning with the broader trend of youth entering the organized labor market.
EPFO Data Highlights Female Workforce Shows Growth
EPFO’s data also highlights a positive trend in female participation. Around 2.40 lakh new female members joined in November 2024, marking an impressive 14.94% increase compared to the previous month.
Additionally, the total net addition of female members reached 3.13 lakh, reflecting a 12.16% increase from October 2024. Year-over-year, female member additions grew by 11.75%, demonstrating a broader shift toward a more inclusive and diverse workforce.
This surge in female participation is a clear indicator of the growing representation of women in the organized sector, further contributing to gender equality in employment.
EPFO Rejoining Members Reflect Job Mobility
Another notable statistic is the 14.39 lakh members who exited and rejoined the EPFO in November 2024. This reflects an 11.47% month-on-month increase and a significant 34.75% year-over-year growth compared to November 2023.
These members typically switched jobs and opted to transfer their EPFO balances rather than applying for a final settlement, thus ensuring the continuation of their social security benefits and financial protection.
Regional Insights & Employment Trends
A closer look at the state-wise distribution shows that the top five states and Union Territories accounted for nearly 59.42% of the total net member additions, with Maharashtra leading the pack by contributing 20.86% of the total additions.
Other states such as Karnataka, Tamil Nadu, Haryana, Gujarat, Delhi, Telangana, and Uttar Pradesh also added more than 5% of the total net members during the month.
Also Read: India’s Hiring Activity Sees 31% Surge In December, Led By Key Sectors
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