EPFO: A total of 8.74 lakh new members were enrolled.
The Employees’ Provident Fund Organisation (EPFO) has published provisional payroll data for November 2024, showing a net increase of 14.63 lakh members. This marks a 9.07% rise in net member additions compared to October 2024.
Additionally, the year-on-year analysis indicates a 4.88% growth in net member additions compared to November 2023, highlighting a rise in employment opportunities and greater awareness of employee benefits, supported by EPFO’s successful outreach efforts.
Key highlights of the EPFO Payroll Data (November 2024) are as follows:
New Membership:
EPFO enrolled approximately 8.74 lakh new members in November 2024, reflecting a 16.58% increase compared to the previous month of October 2024. Additionally, the year-on-year analysis shows an 18.80% growth in new member additions compared to November 2023. This rise in new memberships can be attributed to expanding employment opportunities, heightened awareness of employee benefits, and EPFO’s effective outreach programs.
Group 18-25 Leads Payroll Addition:
A notable trend in the data is the dominance of the 18-25 age group, with 4.81 lakh new members added, making up a significant 54.97% of the total new members in November 2024. The addition of new members in this age group increased by 9.56% compared to October 2024 and grew by 13.99% from November 2023.
Furthermore, the net payroll data for the 18-25 age group in November 2024 is approximately 5.86 lakh, marking a 7.96% rise compared to the previous month of October 2024. This aligns with the ongoing trend that shows most individuals entering the organized workforce are young, primarily first-time job seekers.
Rejoined Members:
The payroll data shows that around 14.39 lakh members exited and later rejoined EPFO, marking an 11.47% increase compared to October 2024. It also reflects a notable year-over-year growth of 34.75% compared to November 2023. These members changed jobs and rejoined establishments under EPFO, opting to transfer their accumulations rather than applying for a final settlement, thereby ensuring long-term financial security and continuing their social security coverage.
Growth in Female Membership:
The gender-wise analysis of payroll data reveals that approximately 2.40 lakh new female members were added during the month. This represents a 14.94% increase compared to October 2024 and shows a significant year-over-year growth of 23.62% compared to November 2023. Additionally, the net female member addition for the month stood at around 3.13 lakh, reflecting a 12.16% increase compared to October 2024 and a year-over-year growth of 11.75% compared to November 2023. The rise in female member additions highlights a broader shift towards a more inclusive and diverse workforce.
State-wise Contribution:
The state-wise analysis of payroll data shows that the top five states/UTs account for about 59.42% of the total net member additions, contributing approximately 8.69 lakh net members during the month. Maharashtra leads with the highest contribution, adding 20.86% of the net members. Other states/UTs, including Maharashtra, Karnataka, Tamil Nadu, Haryana, Gujarat, Delhi, Telangana, and Uttar Pradesh, each added more than 5% of the total net members for the month.
Industry-wise Trends:
Month-on-month comparison of industry-wise data displays significant growth in the members working in establishments engaged in the industries viz.
- Societies clubs or associations,
- Engineers – engg. contractors,
- Textiles,
- Garments making,
- Electrical, mechanical or general engineering products etc.
- Of the total net membership, around 38.98% addition is from expert services (consisting of manpower suppliers, normal contractors, security services, miscellaneous activities etc.).
The above payroll data is provisional since data generation is a continuous exercise, as updating employee record is a continuous process. The previous data gets updated every month on account of:
- ECRs being filed for previous months after generation of payroll report.
- ECRs filed earlier being modified after generation of payroll reports.
- Date of exit from EPF membership for previous months being updated after generation of payroll report.
Since April 2018, EPFO has been releasing payroll data for the period starting from September 2017. The monthly payroll data includes the number of members joining EPFO for the first time through Aadhaar-validated Universal Account Numbers (UAN), existing members exiting EPFO coverage, and those who exited but later rejoined, all of which are considered to calculate the net monthly payroll.