EPFO's November 2024 Membership Boom

The Employees' Provident Fund Organisation (EPFO) has announced a significant increase in its membership, with a net addition of 14.63 lakh members in November 2024. This marks a 9.07% rise from October 2024, showcasing a growing trend in employment opportunities and awareness of EPFO benefits.

Key Highlights of the Membership Surge

1. Surge in New Memberships: November 2024 saw approximately 8.74 lakh new members, a 16.58% increase from October and an 18.80% rise compared to November 2023.

2. Dominance of the 18-25 Age Group: 54.97% of new members were aged 18-25, indicating a significant influx of young, first-time job seekers.

3. Rejoining Members See Growth: A notable 14.39 lakh members re-joined, choosing to transfer their accumulations for long-term financial security.

4. Rise in Female Membership: Female participation grew remarkably, with 2.40 lakh new members, reflecting a shift towards a more inclusive workforce.

5. State-wise Contributions: Maharashtra led the charge, contributing 20.86% of new members, followed by Karnataka, Tamil Nadu, Haryana, and Gujarat.

6. Industry-wise Trends: Significant growth was observed in engineering, textiles, garments, and expert services, with the latter contributing 38.98% of total net membership.

EPFO's provisional payroll data highlights the organization's outreach initiatives' success, with continuous updates expected as records are refined. Since April 2018, EPFO has been releasing monthly payroll data, offering insights into the evolving employment landscape.