The Employees’ Provident Fund Organisation (EPFO) witnessed a substantial growth in its membership, with the addition of 13.95 lakh net members in November 2023, according to the latest payroll data released by the retirement fund body. This surge in membership reflects the sustained momentum seen throughout the current financial year, surpassing the corresponding period of the previous year.
Youth Dominance in Workforce: The provisional payroll data reveals that approximately 7.36 lakh new members were enrolled during the month, with the 18-25 age group constituting 57.30% of the total additions. This trend underscores the significant presence of youth in the organized sector, indicating a substantial influx of first-time job seekers into the workforce.
Job Mobility and Social Security Protection: The data also highlights that about 10.67 lakh members exited but subsequently rejoined EPFO during the month. This phenomenon is attributed to members switching jobs and choosing to transfer their accumulations rather than opting for final settlement, thereby extending their social security protection.
Growing Female Workforce Participation: A noteworthy gender-wise analysis reveals that out of the 7.36 lakh new members, approximately 1.94 lakh are new female members joining EPFO for the first time. The total female members’ addition during the month reached around 2.80 lakh, constituting 20.05% of net subscriber additions — the highest since September 2023. This indicates a rising trend in the participation of female employees in the organized sector workforce.
Regional Dynamics: State-wise analysis indicates that Maharashtra, Tamil Nadu, Karnataka, Haryana, and Delhi witnessed the highest net member additions, accounting for 58.81% of the total additions, with Maharashtra leading at 21.60%.
Diverse Industry Growth: A month-on-month industry-wise comparison shows significant growth in members working in establishments engaged in agriculture farms, coffee plantations, sugar, rubber plantations, and tiles, highlighting the diverse sectors contributing to the expanding EPFO membership.
