EPFO Membership Growth Highlights Employment Opportunities

In a significant boost to the employment sector, the Employees’ Provident Fund Organisation (EPFO) reported an addition of 14.63 lakh net members in November 2024. This marks a 4.88% increase compared to the same month in the previous year, showcasing a positive trend in job creation and awareness of employee benefits.

Youth and Female Workforce Drive the Growth

With 54.97% of new members (4.81 lakh) belonging to the 18-25 age group, the youth are at the forefront of this growth. Additionally, female member additions reached 2.40 lakh, indicating a move towards a more inclusive workforce. The total net female member addition was 3.13 lakh, up 12.16% from the previous month.

State-wise Contributions and Long-term Financial Stability

Maharashtra, Karnataka, Tamil Nadu, Haryana, and Gujarat led the charge, contributing 59.42% of the net member additions. The trend of members choosing to transfer their funds instead of withdrawing them underscores a shift towards ensuring long-term financial stability.