The Employees’ Provident Fund Organisation (EPFO) reported a net addition of 1.34 million members in October, reflecting a robust rise in employment opportunities and increased awareness of social security benefits. The Ministry of Labour and Employment’s provisional payroll data, released on Wednesday, showcases positive trends in both new enrolments and returning members, indicating sustained progress in workforce participation.
In October, 750,000 new members joined EPFO, driven by expanding job opportunities and effective outreach initiatives by the organization. Notably, young workers aged 18–25 accounted for 58.49% of all new enrolments, with 543,000 first-time job seekers entering the organized workforce.
“The surge demonstrates that more individuals are recognizing the benefits of long-term financial security through EPFO,” the ministry noted in its release.
Returning Members And Financial Security
Additionally, 591,000 individuals re-joined EPFO after previously exiting, marking a significant 16.23% year-on-year increase. This trend indicates a growing preference among workers to transfer their provident fund accumulations rather than opt for final settlements, showcasing a focus on sustained financial security.
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Female workforce participation also saw an uptick. Around 209,000 women joined EPFO in October, representing a 2.12% year-on-year increase. The net female membership addition stood at 279,000, highlighting the expanding presence of women in formal employment.
Regional And Sectoral Trends Of EPFO
Maharashtra led in regional contributions, accounting for 22.18% of total net membership additions. Together with Karnataka, Tamil Nadu, Delhi, and Haryana, the top five states contributed over 61% of total additions, with each state adding more than 5%.
Industry-wise, the expert services sector, encompassing manpower suppliers, contractors, and security services, recorded the highest growth, contributing 42.29% of net additions. Sectors such as road transport, private electronic media, and banking services also posted significant increases.
EPFO’s payroll data, introduced in April 2018, tracks employment trends from September 2017 onward. The latest figures signal a positive trajectory in India’s labour market, bolstered by economic growth and heightened awareness of retirement planning and social security.
Expert Insights On Workforce Growth
“The EPFO report, showing a net addition of 13.41 lakh members in October 2024, reflects positive growth in employment and formal job opportunities in India. This increase indicates stronger participation in the organized sector, offering better job security and benefits like provident fund and pension,” said Suchita Dutta, executive director of the Indian Staffing Federation (ISF).
Dutta added that the data underscores the effectiveness of government policies aimed at job creation and economic stability, contributing to India’s overall development and enhancing financial security for individuals.
The surge in EPFO membership, alongside rising youth and female workforce participation, highlights India’s advancing formal employment sector. These trends underscore the nation’s progress toward economic resilience, social security, and long-term workforce stability.
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