The Employees’ Provident Fund Organisation (EPFO) has released provisional payroll data for October 2024, revealing a net addition of 13.41 lakh members. This signifies increased employment opportunities and heightened awareness of employee benefits, bolstered by EPFO’s effective outreach initiatives.
Key highlights of the EPFO Payroll Data (October 2024) are as follows:
New Membership:
EPFO enrolled around 7.50 lakh new members in October 2024. This addition in new memberships can be attributed to growing employment opportunities, increased awareness of employee benefits, and EPFO’s successful outreach programs.
Group 18-25 Leads New Membership:
A noticeable aspect of the data is the dominance of the 18-25 age group, constituting a significant 58.49% of the total new members added in October 2024. The net payroll data for the age group 18-25 for October 2024 is 5.43 lakhs. This is in consonance with the earlier trend which indicates that most individuals joining the organized workforce are youth, primarily first-time job seekers.
Rejoined Members:
The payroll data highlights that approximately 12.90 lakh members exited and subsequently rejoined EPFO. This figure depicts year-over-year growth of 16.23% compared to October 2023. 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.
Growth in Female Membership:
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. This figure exhibits year-over-year growth of 2.12% compared to October 2023. Also, the net female member addition during the month stood at around 2.79 lakh. The increase in female member additions is indicative of a broader shift towards a more inclusive and diverse workforce.
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