The Employees' Provident Fund Organisation (EPFO) reported a net addition of 13.41 lakh members in October 2024, a sign of improving employment trends and increased labour involvement. The provisional payroll data, released by the Ministry of Labour and Employment on December 25, highlights a surge in the number of young workers, increased female membership, and a dynamic shift in workforce trends across regions and sectors.

Association Of NPS Intermediaries Launched To Improve Pension System

Youth, Women, and Regional Growth

The October report highlights the dominance of the 18–25 age bracket, which accounted for 5.43 lakh members and 58.49 per cent of new recruits. This suggests that the number of young, inexperienced job seekers joining the structured workforce is still increasing. Also, there was a notable increase in female membership, with 2.09 lakh women joining in October a 2.12 per cent increase over the previous year. A total of 2.79 lakh women were hired, demonstrating the advancement of a more diverse and inclusive workforce.

The top five states and UTs accounted for 61.32 per cent of the new EPFO memberships, adding around 8.22 lakh members in October. With 22.18 per cent of the total additions, Maharashtra made the biggest contribution, followed by Karnataka, Tamil Nadu, Delhi, Haryana, Telangana, and Gujarat, each of which contributed more than 5 per cent. This indicates how well the region is able to propel the expansion of EPFO membership.

Member Transitions and Sectoral Growth

October’s payroll data also showed that 12.90 lakh members exited and rejoined EPFO, a 16.23 per cent year-on-year increase. These workers chose to transfer their funds as they changed jobs, ensuring their social security coverage remained intact. Sector-wise, notable growth occurred in industries such as road motor transport, electronic media, and non-nationalised banks. Expert services, such as contractors and personnel providers, increased membership by 42.29 per cent overall, demonstrating the diverse industries that benefit from EPFO's coverage.

The data confirms EPFO’s crucial role in safeguarding financial security, as more young and female workers opt to secure their long-term futures through provident fund participation.

EPFO has been releasing payroll data since April 2018, covering records from September 2017 onwards. The monthly payroll data reflects first-time joiners through Aadhaar-validated Universal Account Numbers (UAN), members exiting coverage, and those who rejoin after exiting. This methodology provides the net monthly payroll figures used for reporting.Final Chance To Secure Higher EPS Pension: Deadline Extended To January 31, 2025