GUWAHATI: Assam reported a total of 22,720 new additions to the Employees' Provident Fund Organisation (EPFO) as of October 2024.
EPFO also reported a net increase of 1.34 million members throughout the country in October 2024, signalling a rise in employment opportunities and growing awareness of social security benefits among the workforce. The Ministry of Labour and Employment shared provisional payroll data on Wednesday, revealing positive trends in both new member registrations and re-enrolments.
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Approximately 750,000 new members joined EPFO in October, driven by expanding job opportunities, heightened awareness of EPFO benefits, and the organization's outreach efforts. Workers aged 18–25 made up 58.49% of new enrolments, with 543,000 first-time job seekers joining the organized sector. Around 591,000 individuals rejoined EPFO in October after previously exiting, reflecting a 16.23% year-on-year increase. This trend suggests that many workers prefer transferring their EPFO accounts over final settlements, emphasizing a focus on long-term financial planning.
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Female participation in EPFO also saw growth, with 209,000 women joining in October, marking a 2.12% year-on-year increase. The net addition of female members stood at 279,000, indicating a steady rise in women entering the formal workforce.
Maharashtra led the net membership additions, contributing 22.18% of the total. Other states, including Karnataka, Tamil Nadu, Delhi, and Haryana, collectively accounted for over 61% of the additions, each contributing more than 5% of the total.
EPFO’s payroll data, which has been maintained since September 2017, continues to reflect improvements in India's labour market. This growth is attributed to economic expansion, government initiatives to boost job creation, and increased emphasis on social security and retirement planning.
