New Delhi
13.41 lakh members joined the Employees’ Provident Fund Organization (EPFO) in October. This shows that employment opportunities are increasing rapidly in the country. This statement was given by the Union Ministry of Labor and Employment on Wednesday. About 7.50 lakh new members joined EPFO in October, of which 58.49 percent were in the 18-25 age group. The total number of this young age group is 5.43 lakh.
The ministry noted that this figure is in line with earlier trends, which show that the majority of individuals joining the organized workforce are young, consisting mainly of first-time job seekers. This indicates increasing employment opportunities in the economy. According to information received from payroll data, about 12.90 lakh members have exited EPFO and have joined it again. This figure is 16.23 percent higher on an annual basis compared to October 2023.
These EPFO members changed their jobs and rejoined the companies under the purview of EPFO. These members chose to transfer their accumulated wealth instead of applying for final settlement and thus expanded their social and financial security.
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 is 2.12 percent higher on an annual basis compared to October 2023. The official statement said that the total increase in the number of women members during the review period was about 2.79 lakh. The increase in the number of female members signals a broader shift toward a more inclusive and diverse workforce. State-wise analysis of payroll data shows that the top five and Union Territories account for 61.32 per cent of the total EPFO members.
