New Delhi – The Employees’ Provident Fund Organisation (EPFO) has reported a net addition of 13.41 lakh members for October 2024, according to its recently released provisional payroll data. The figures reflect significant strides in employment opportunities, heightened awareness of employee benefits, and the success of EPFO’s outreach initiatives aimed at strengthening social security coverage.
Key Highlights of EPFO Payroll Data for October 2024
1. New Membership Growth
EPFO enrolled approximately 7.50 lakh new members in October 2024. This increase is attributed to the expanding job market, growing awareness of employee benefits, and EPFO’s proactive campaigns to engage with workers and employers.
2. Youth Dominate New Memberships
The 18-25 age group accounted for an impressive 58.49% of the total new members added, with 5.43 lakh individuals from this demographic joining EPFO in October 2024. This trend highlights the influx of young, first-time job seekers entering the organized workforce, underscoring the importance of EPFO in supporting India’s youth.
3. Rejoined Members See Year-on-Year Growth
Approximately 12.90 lakh members who exited EPFO coverage rejoined in October 2024, representing a 16.23% growth compared to October 2023. These individuals opted to transfer their provident fund accumulations rather than withdrawing them, reflecting increased financial awareness and long-term planning for social security.
4. Rise in Female Membership
A gender-based analysis revealed the addition of 2.09 lakh new female members in October 2024, marking a 2.12% year-on-year growth compared to October 2023. The net female member addition stood at 2.79 lakh, indicating progress toward a more inclusive and diverse workforce.
5. State-Wise Member Contribution
The top five states/UTs—Maharashtra, Karnataka, Tamil Nadu, Delhi, and Haryana—accounted for 61.32% of the net member additions, contributing 8.22 lakh members in October 2024. Maharashtra led the way, adding 22.18% of the total net members. Other key contributors included Telangana and Gujarat, with each state individually adding more than 5% of the total net members.
6. Industry Trends
Industry-wise data revealed robust growth in sectors such as:
- Road Motor Transport
- Electronic Media Companies (Private Sector)
- Banks (Other Than Nationalized Banks)
Approximately 42.29% of the total net membership additions came from the expert services category, which includes manpower suppliers, contractors, security services, and miscellaneous activities.
Provisional Nature of Payroll Data
The EPFO payroll data is provisional, as updates to employee records are an ongoing process. Monthly updates ensure the inclusion of new members, those exiting EPFO coverage, and rejoining members. Since April 2018, EPFO has been releasing payroll data, covering statistics from September 2017 onward, based on Aadhaar-validated Universal Account Numbers (UANs).
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