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The Employees Provident Fund Organisation (EPFO) added 13.41 lakh new members in October this year. This information has been received from the latest payroll data. The Ministry of Labor said in a statement on Wednesday that this reflects the increase in employment opportunities and increasing awareness about employee benefits, which has been strengthened by various effective programs to increase the reach of EPFO.

According to the statement, the Employees Provident Fund Organisation has released the payroll data for October 2024, which shows a net increase of 13.41 lakh members. According to the data, EPFO enrolled about 7.50 lakh new members in October 2024.

The ministry said that this increase in the number of new members has been possible due to increasing employment opportunities, increasing awareness about employee benefits, and various effective programs to increase the reach of EPFO.

The 18-25 age group accounts for 58.49% of new members

The 18-25 age group accounts for 58.49 percent of the total new members added in October. The net payroll figure for the 18-25 age group during this period is 5.43 lakh. This is in line with earlier trends, which show that most of the individuals joining the organized workforce are mainly young first-time job seekers.

Payroll data shows that about 12.90 lakh members exited the EPFO and later rejoined. These members changed their jobs and rejoined establishments covered by the EPFO and opted to transfer their accumulated amount instead of applying for a final settlement.

About 2.09 lakh new female members among new members

According to payroll data, about 2.09 lakh new female members were among the new members added during October. This figure is an annual increase of 2.12 percent compared to October 2023. Apart from this, the number of net female members increased by 2.79 lakh during the month. The increase in the number of female members is indicative of a broader shift towards a more inclusive and diverse workforce.

Maharashtra leads by adding 22.18 percent net members.

The net member growth in the top five states/union territories is about 61.32 percent. A total of about 8.22 lakh net members were added in these five states/union territories in October. During this period, Maharashtra was at the forefront by adding 22.18 percent net members. The states/union territories of Maharashtra, Karnataka, Tamil Nadu, Delhi, Haryana, Telangana and Gujarat added more than five percent of the total net members during the month.

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