EPFO Adds 14.63 Lakh Net Members during November 2024

The Employees Provident Fund Organization (EPFO) has added 14.63 lakh net members in November 2024, marking a growth of 4.88 per cent year-on-year (YoY), according to the latest provisional payroll data released by the Ministry of Labour and Employment on Wednesday.

The addition of net members grew by 9.07 per cent as compared to October 2024.

This growth highlights an increase in employment opportunities and increased awareness of employee benefits, fueled further by EPFO's initiatives, an official statement said.

Approximately 8.74 lakh new members have been added in the month of November, up by 18.8% YoY and 16.58% as compared to October.

There is a dominance of the age group 18-25 with 4.81 lakh new members that have been added in this group, constituting 54.97% of the total additions in November, according to the data. The addition of net members for this age group is 5.68 lakh for November, highlighting a surge of 7.96% compared to October.

Since generation of data and updating employee records is a continuous process, the payroll data provided by the ministry is provisional.

According to the data almost 14.39 lakh members exited and subsequently rejoined EPFO in November. There is an increase of 11.47% here as compared to October and a 34.75% increase when compared to November 2023. these members have switched jobs and re-joined organizations covered under the ambit of EPFO and have opted to transfer their accumulations instead of applying for a final settlement.