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The Employees' Provident Fund Organization (EPFO) has added 13.41 lakh new members during October, reflecting increase in employment and greater awareness about employee benefits among employees, according to a statement issued by the Ministry of Labor and Employment on Wednesday. .

EPFO enrolled around 7.50 lakh new members in October, of which 58.49 per cent were youth in the 18-25 age group. The total number for this key age group is 5.43 lakh. This is in line with earlier trends showing that the majority of individuals joining the organized workforce are young, primarily first-time job seekers, indicating growing employment opportunities in the economy.

Payroll data shows that around 12.90 lakh members exited EPFO ​​and later rejoined. This figure represents a year-on-year increase of 16.23 percent compared to October 2023.

These members changed their jobs and re-joined establishments covered under the EPFO ​​ambit and opted to transfer their accumulations instead of applying for final settlement, thereby protecting their long-term financial well-being and their social security security. expanded.

Gender-wise analysis of the payroll data shows that of the new members added during the month, about 2.09 lakh new members are women. This figure represents a year-on-year increase of 2.12 percent compared to October 2023.

Additionally, the net female member addition during the month stood at around 2.79 lakh. The official statement said the increase in female members is indicative of a broader shift towards a more inclusive and diverse workforce.

State-wise analysis of the payroll data shows that the net member growth in the top five states/UTs is about 61.32 per cent of the total member growth, which together added about 8.22 lakh net members during the month. Maharashtra is the leading state with 22.18 per cent net additions during this month. The states/UTs of Maharashtra, Karnataka, Tamil Nadu, Delhi, Haryana, Telangana and Gujarat individually added more than 5 per cent of the total net members during the month.

Month-on-month comparison of industry-wise data shows a significant increase in members working in establishments engaged in industries such as road motor transport, electronic media companies, banks other than nationalized banks, etc. The statement said the payroll data is provisional as data generation is an ongoing exercise and updating employee records is an ongoing process.