EPFO Membership Grows by 14.63 Lakh in November 2024

Employees’ Provident Fund Organisation (EPFO) has released provisional payroll data for November 2024, revealing a net addition of 14.63 lakh members.

This significant increase underscores the growing employment opportunities and heightened awareness of employee benefits in India.

In November 2024, EPFO registered a net addition of 14.63 lakh members, marking a 9.07% increase compared to October 2024.

The year-over-year data shows a 4.88% rise in net member additions from November 2023.

This growth can be attributed to increased job possibilities and greater knowledge of employee benefits, supported by EPFO’s successful outreach efforts.

EPFO: New Memberships and Rejoined Members

EPFO enrolled around 8.74 lakh new members in November 2024, reflecting a 16.58% increase compared to October 2024.

The addition of new members shows an 18.80% growth from the previous year in November 2023.

A significant portion of these new members, 4.81 lakh, belongs to the 18-25 age group, constituting 54.97% of the total new members added.

Approximately 14.39 lakh members exited and subsequently rejoined EPFO in November 2024.

This figure represents an 11.47% increase compared to October 2024 and a significant year-over-year growth of 34.75% compared to November 2023.

These members switched jobs and opted to transfer their accumulations instead of applying for final settlement, thus safeguarding their long-term financial well-being and extending their social security protection.

Gender-wise and State-wise Analysis

Gender-wise analysis of payroll data reveals that out of the new members added during the month, around 2.40 lakh are female members.

This figure shows a 14.94% increase compared to October 2024 and a significant year-over-year growth of 23.62% compared to November 2023.

The net female member addition during the month stood at around 3.13 lakh, reflecting an increase of approximately 12.16% compared to October 2024.

State-wise analysis of payroll data indicates that net member addition in the top five states/Union Territories constitutes around 59.42% of net member addition, adding a total of around 8.69 lakh net members during the month.

Maharashtra leads with 20.86% of net members added during the month.

Other states/UTs contributing significantly include Karnataka, Tamil Nadu, Haryana, Gujarat, Delhi, Telangana, and Uttar Pradesh.

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