EPFO registers 14.63 lakh net members in November 2024, nearly 5% YoY increase

The Employees' Provident Fund Organisation (EPFO) has made a net addition of 14.63 lakh members during November 2024, the Ministry of Labour and Employment said on Tuesday, citing provisional payroll data.

There has been a 9.07 per cent increase in registered net members in November compared to October, while a 4.88 per cent rise in members on a year-on-year basis.

According to the Ministry, the rising numbers indicate more job possibilities and greater knowledge of employee benefits due to outreach initiatives by EPFO.

New EPFO members

In November, EPFO enrolled around 8.74 lakh new members, a 16.58 per cent increase from October 2024. This is an 18.8 percent addition on a year-on-year basis.

A rising number of new members are reported due to growing employment opportunities, increased awareness of employee benefits, and outreach efforts by EPFO, according to the Ministry.

EPFO members in the 18-25 age group

Nearly 4.81 lakh new members were added in the 18-25 age group, which is 54.97 per cent of the total new members added in November 2024. Compared to October 2024, there has been an increase of 9.56 per cent.

The net payroll data for members in the age group of 18 to 25 years was approximately 5.86 lakh in November, reflecting an increase of 7.96 per cent compared to October.

This shows that most individuals joining are youth, primarily first-time job seekers, according to the Ministry.

Women EPFO members

Out of the total new members added in November, around 2.40 lakh are women, which is a 14.94 per cent increase from October and a 23.62 per cent year-on-year growth. There has been a net female member addition during November, at around 3.13 lakh, an increase of approximately 12.16 per cent compared to the previous month of October 2024, 11.75 per cent year-on-year growth.

State wise addition

The net member addition in the top five states and union territories is around 59.42 per cent of net member addition, adding a total of around 8.69 lakh net members during November. Maharashtra ranks first among all the states by adding 20.86 per cent of net members in November.

Among all the states and union territories Maharashtra, Karnataka, Tamil Nadu, Haryana, Gujarat, Delhi, Telangana and Uttar Pradesh have added more than 5 per cent of the total net members individually.