EPFO adds 13.41 lakh members in October 2024; key insights from payroll data

The Employees' Provident Fund Organisation (EPFO) witnessed a net addition of 13.41 lakh members in October 2024, as per data released by the Ministry of Labour and Employment.

Highlights of the October 2024 Data

New Membership Growth:
EPFO enrolled approximately 7.50 lakh new members during the month. This growth is attributed to increased employment opportunities, heightened awareness about employee benefits, and EPFO's outreach initiatives.

Youth Dominance:
The 18-25 age group emerged as the largest contributor, accounting for 58.49 per cent of the new members added, with a net payroll addition of 5.43 lakh members. This trend aligns with the entry of young, first-time job seekers into the organised workforce.

Job Switchers:
Around 12.90 lakh members exited and rejoined EPFO in October, marking a 16.23 per cent year-on-year growth compared to October 2023. These members transferred their funds instead of withdrawing, ensuring sustained financial security and social protection.

Female Participation:
A total of 2.09 lakh new female members were added during October, reflecting a 2.12 per cent year-on-year increase. The net female member addition stood at 2.79 lakh, signaling progress towards workforce diversity and inclusion.

State Contributions:
The top five states/UTs—Maharashtra, Karnataka, Tamil Nadu, Delhi, and Haryana—contributed 61.32 per cent of the net member additions, with Maharashtra alone accounting for 22.18 per cent. Other states like Telangana and Gujarat also contributed over 5 per cent of the total net membership.

Industry-Wise Trends:
Industries such as road motor transport, private electronic media, and non-nationalised banks showed significant membership growth. Expert services, including manpower suppliers, contractors, and security services, made up 42.29 per cent of the total net additions.

Provisional Data and Updates
The payroll data remains provisional and subject to updates as EPFO continues to refine employee records. Monthly revisions ensure accurate and comprehensive reporting.

This steady rise in net membership signals a robust job market and growing awareness of social security benefits among the workforce, underscoring EPFO's role in securing employees' financial futures.