EPFO added 14.63 lakh net members in November 2024 amid growing employment

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The Employees' Provident Fund Organisation (EPFO) connected Wednesday announced a nett summation of 14.63 lakh members successful November 2024, which represents an summation of 9.07 per cent implicit the corresponding fig for October.

Further, the year-on-year investigation reveals a maturation of 4.88 per cent successful nett subordinate additions compared to November 2023, reflecting accrued employment opportunities and heightened consciousness of worker benefits, according to the authoritative statement.

EPFO enrolled astir 8.74 lakh caller members successful November 2024. The summation of caller members shows an summation of 16.58 per cent erstwhile compared with the erstwhile period of October 2024. Further, year-on-year investigation reveals a maturation of 18.8 per cent successful the caller members summation from the erstwhile twelvemonth successful November 2023.

This surge successful caller memberships tin beryllium attributed to increasing employment opportunities, accrued consciousness of worker benefits, and EPFO's palmy outreach programs, the connection said.
A noticeable facet of the information is the dominance of the 18-25 property group, with 4.81 lakh caller members added successful the 18-25 property radical constituting a important 54.97 per cent of the full caller members added successful November 2024. New members added successful the period from the 18-25 property radical amusement an summation of 9.56 per cent compared with the erstwhile period of October 2024 and a maturation of 13.99 per cent from the erstwhile twelvemonth successful November 2023, the connection explained.

In addition, the nett payroll information for the property radical 18-25 for November 2024 is astir 5.86 lakh reflecting an summation of 7.96 per cent compared to the erstwhile period of October 2024. This is successful consonance with the earlier inclination which indicates that astir individuals joining the organised workforce are youth, chiefly first-time occupation seekers.

Gender-wise investigation of payroll information unveils that retired of the caller members added during the month, astir 2.40 lakhs are caller pistillate members. The examination with the erstwhile period of October 2024 shows an summation of 14.94 per cent. This fig besides exhibits important year-over-year maturation of 23.62 per cent compared to November 2023.

Also, the nett pistillate subordinate summation during the period stood astatine astir 3.13 lakh reflecting an summation of astir 12.16 per cent compared to the erstwhile period of October 2024. It besides reflects a year-over-year maturation of 11.75 per cent compared to November 2023. The summation successful pistillate subordinate additions is indicative of a broader displacement towards a much inclusive and divers workforce.

The payroll information besides highlights that astir 14.39 lakh members exited and subsequently rejoined EPFO. This fig represents an 11.47 per cent summation compared to the erstwhile period of October 2024. It besides depicts a important year-over-year maturation of 34.75 per cent compared to November 2023. These members switched their jobs and re-joined the establishments covered nether the ambit of EPFO and opted to transportation their accumulations alternatively of applying for last colony thus, safeguarding semipermanent fiscal well-being and extending their societal information protection.

A state-wise investigation of payroll information denotes that nett subordinate summation successful the apical 5 states/ UTs constitutes astir 59.42 per cent of nett subordinate addition, adding a full of astir 8.69 lakh during the month. Of each the states, Maharashtra is starring by adding 20.86 per cent of nett members during the month. The states/UTs of Maharashtra, Karnataka, Tamil Nadu, Haryana, Gujarat, Delhi, Telangana and Uttar Pradesh individually added much than 5 per cent of the full nett members during the month.

A month-on-month examination of industry-wise information displays important maturation successful the members moving successful establishments engaged successful industries specified arsenic "societies, clubs oregon associations", and engineers, engineering contractors, textiles, garments making arsenic good arsenic electrical, mechanical oregon wide engineering products.

Of the full nett membership, astir 38.98 per cent summation is from adept services consisting of manpower suppliers, mean contractors, information services and miscellaneous activities.

The payroll information is provisional since information procreation is simply a continuous exercise, arsenic updating worker records is simply a continuous process, the connection added.

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