The workers’ provident fund organisation (EPFO) launched its provisional payroll information for November 2024, boasting a net addition of 14.63 lakh members.
The net member registrations rose 9.07 per cent in November as in contrast to the earlier month of October 2024, ministry of labour and employment mentioned in its launch. On an annual foundation, the ministry recorded a 4.88 per cent rise, throwing gentle on the uptick in employment alternatives and elevated consciousness about employment advantages due to EPFO’s “outreach initiatives”.
Key highlights
1. Surge in new memberships
In November 2024, the organisation enrolled roughly 8.74 lakh new members, marking a rise of 16.58 per cent from October 2024 and an 18.80 per cent improve in contrast to November 2023.
The uptick in new enrolments was attributed to increasing job alternatives, heightened consciousness of worker advantages, and the organisation’s sturdy outreach packages.
2. Dominance of the 18-25 age group
The 18-25 age group accounted for 54.97 per cent of the overall new members, with 4.81 lakh people becoming a member of in November. This marks a 9.56 per cent improve from October and a 13.99 per cent rise year-on-year.
Net payroll additions on this age group stood at 5.86 lakh, 7.96 per cent up from the earlier month, highlighting the development of younger, first-time job seekers getting into the workforce.
3. Rejoining members see development
Around 14.39 lakh members who exited EPFO re-joined in November, showcasing a 11.47 per cent improve as in contrast to October, noting a considerable 34.75 per cent rise year-on-year.
These members selected to switch their accumulations quite than selecting remaining settlements, safeguarding long-term monetary effectively being.
4. Rise in feminine membership
Female participation witnessed a outstanding development reflecting a shift in direction of a extra inclusive and numerous workforce. The launch acknowledged that 2.40 lakh new members enrolled in November, displaying a 14.94 per cent improve from October with a 23.62 per cent annual leap. The net addition of feminine members reached 3.13 lakh during the month with a 12.16 per cent rise. It additionally mirrored a development of 11.75 per cent in opposition to the corresponding interval in 2023.
5. State-wise contributions
The high 5 states/UTs: Maharashtra, Karnataka, Tamil Nadu, Haryana, and Gujarat, accounted for 59.42 per cent of the net member additions, with Maharashtra alone contributing 20.86 per cent. Other states like Delhi, Telangana, and Uttar Pradesh additionally individually added extra than 5 per cent of the overall members.
6. Industry-wise tendencies
A skyrocketing development was noticed in industries reminiscent of engineering, textiles, clothes, and knowledgeable companies, together with manpower suppliers and safety companies. Expert companies alone contributed 38.98 per cent of the overall net membership.
The organisation famous that the payroll information stays provisional, topic to updates as information are repeatedly refined. The updates account for delayed submitting of digital challan-cum-return (ECR) varieties and modifications in membership information.
Since April 2018, EPFO has been releasing month-to-month payroll information, masking intervals from September 2017 onwards. This information gives insights into members becoming a member of for the primary time, rejoining, and exiting.
