NEW DELHI: The Employees’ Provident Fund Organisation (EPFO) has reported a net addition of 14.63 lakh members for November 2024, reflecting a 9.07% increase in enrollment compared to October 2024. This rise indicates a positive shift in the country’s employment sector, with net member additions also up by 4.88% from November 2023.
Of the new enrollments, approximately 8.74 lakh were fresh members, marking a 16.58% increase from the previous month. Year-over-year, this represents an 18.80% growth. The surge in new memberships is largely due to expanding employment opportunities and heightened awareness of employee benefits, supported by EPFO’s proactive outreach programs.
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A key takeaway from the data is the dominant participation of the 18-25 age group, which made up 54.97% of the new additions. With 4.81 lakh new members, this group saw a 9.56% rise from October 2024 and a 13.99% increase compared to the previous year. This trend underscores the growing involvement of youth in the organized workforce.
In addition, EPFO recorded 14.39 lakh rejoined members, an 11.47% increase from the prior month and a 34.75% growth from November 2023. These members, having changed jobs, opted to transfer their provident fund balances rather than apply for a final settlement, thereby continuing their social security coverage.
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Female membership also saw a notable increase, with 2.40 lakh new female members added in November 2024. This reflects a 23.62% year-over-year growth, emphasizing the increasing inclusion of women in the workforce.
Regionally, Maharashtra led with 20.86% of the total net additions, followed by significant contributions from states like Karnataka, Tamil Nadu, and Gujarat.