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EPFO Data: There is good news on the employment front. In fact, retirement fund body Employees Provident Fund Organization (EPFO) added 14.63 lakh members in November last year. This is an increase of 4.88 percent on annual basis. This information was obtained from the salary of the employees who were placed on the fixed pay scale.
The increase in the total number of members reflects the expansion of employment opportunities and the growing awareness of employee benefits, the Ministry of Labor said in a statement. This is reinforced by EPFO’s effective outreach initiatives.
Total membership growth was 9.07% on a monthly basis…
On a month-on-month basis, net membership growth was 9.07 percent compared to October 2024, the ministry said. Provisional payroll data shows that EPFO registered around 8.74 lakh new members in November 2024, which is 18.80 percent higher than the same month a year ago and 16.58 percent higher than October 2024.
18-25 age group dominated…
An important aspect of the statistics is the dominance of the 18-25 age group, the ministry said. This age group added 4.81 lakh new members, which is 54.97 percent of the total new members added in November 2024. In November 2024, 5.86 lakh net members were added in the 18-25 age group, which is 7.96 percent higher than in October 2024.
34.75 percent increase in November on annual basis…
As per November salary data, around 14.39 lakh members left EPFO and rejoined the organization later. This figure is a significant increase of 11.47 percent compared to the previous month i.e. October, 2024 and 34.75 percent in November, 2024 on annual basis.
About 2.40 lakh women among the new members…
A female-male analysis of the data reveals that among the new members added during November, 2024, about 2.40 lakh are women. There is an increase of 14.94 percent compared to October, 2024, while compared to November, 2023, the annual growth is 23.62 percent.
Further, the number of net female members added during November was 3.13 lakh, which is 12.16 percent higher than October 2024 and 11.75 percent higher than November last year.
A state-wise analysis of the data reveals that the top 5 states/UTs recorded an increase of about 59.42% in total membership during November, adding a total of 8.69 lakh total members. Among all states, Maharashtra led the way with a net increase of 20.86 percent members during November. In November, Maharashtra, Karnataka, Tamil Nadu, Haryana, Gujarat, Delhi, Telangana and Uttar Pradesh recorded an increase of more than 5 percent in individual total members.
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