The Employees’ Provident Fund Organisation (EPFO) issued payroll data for November, according to which net enrolled members have increased by 4.88 per cent year-over-year in November 2024
The net EPFO members increased by 4.88 per cent in November 2024 to 14.63 lakh on a year-over-year basis and 9.07 per cent on a month-over-month basis. According to the Employees’ Provident Fund Organisation’s (EPFO) payroll data, the increase in net members is due to increased employment opportunities and higher enrollment under the scheme. According to the Labour Ministry, EPFO’s outreach efforts have resulted in more enrollments.
Notably, the total number of new members added in November 2024, stood at 8.74 lakh, reflecting an increase of 18.80 per cent from November 2023, and 16.58 per cent compared to October 2024.
Here are the segment-wise details.
New Employees: The highest growth in numbers came in youth employment, mostly in the age group of 18 to 25 years of age, according to the data. There has been an addition of 4.81 lakh new members in this age group, which is almost 14 per cent higher compared to November in the previous year. It is more than half of the total new enrollments (around 55 per cent) in the month, mostly including first-time employees.
Female Enrollment: The female members’ enrollment has increased by 2.40 lakh, a 23.62 per cent year-over-increase. This indicates a change in mindset and more inclusive job opportunities and workforce.
Members Who Joined Again: The net members also include rejoined members who have exited the workforce and rejoined an organisation offering EPF membership. These include members who have switched jobs and joined another organisation, and instead of withdrawing their funds, they transferred them to the new organisation. The number of such rejoining members rose 34.75 per cent YoY to 14.39 lakh in November 2024.
Industry’s Trends: A few industries that have employed more people than others during November, include Societies, Engineers, Textiles, Electrical, mechanical, General Engineering products, and garment making.
States' Contribution: Of all states, the top five states and union territories added around 59.42 per cent of net members in November 2024, with around 8.69 lakh net members. The top states include Maharashtra, Karnataka, Delhi, Tamil Nadu, Gujarat, Haryana, Telangana, and Uttar Pradesh. These states have added more than 5 per cent of total net members during November.
The monthly data shows the trend of employment in the country on certain parameters. EPFO has been publishing this data since April 2018.