Introduction
The Employees’ Provident Fund Organisation (EPFO) adds 16.05 lakh net new members in December 2024, marking a significant 9.69% rise compared to November 2024. The Ministry of Labour & Employment released this data on February 25, 2025, highlighting steady employment growth and increased participation in the formal workforce.
Steady Year-on-Year Growth in EPFO Membership
EPFO’s latest payroll data reveals a 2.74% year-on-year (YoY) growth in December 2024. This increase signifies improved employment opportunities and enhanced awareness about provident fund benefits. The continuous expansion reflects EPFO’s efforts to extend social security coverage and simplify the enrollment process.
In November 2024, EPFO recorded an addition of 14.63 lakh net members, reflecting a 4.88% YoY growth and a 9.07% rise from October 2024. The consistent upward trend underscores a robust employment market.
New Member Enrollment and Trends
During December 2024, nearly 8.47 lakh new members enrolled with EPFO. This marks a 0.73% increase from December 2023. However, compared to November 2024, new enrollments saw a slight decline from 8.74 lakh. Experts attribute this to seasonal hiring fluctuations and job market adjustments.
The 18-25 age group dominated new registrations, with 4.85 lakh individuals joining EPFO in December. This age bracket accounted for 57.29% of total new subscribers, reinforcing the trend that most new members are first-time job seekers. Net payroll additions for this group surged to 6.85 lakh, reflecting a 16.91% increase from November 2024.
Increase in Job Transitions and Rejoining Members
A notable trend in December 2024 was the rise in members exiting and rejoining EPFO. Nearly 15.12 lakh members switched jobs but opted to continue their provident fund accounts, showing a 5.10% rise compared to November 2024 and a 25.76% YoY increase.
This shift highlights a growing awareness of retirement savings and financial security. Rather than withdrawing funds, more employees are transferring their EPF accounts when switching employers, ensuring long-term savings continuity.
Female Membership Witnesses Steady Growth
EPFO’s December data also points to an encouraging rise in female participation in the workforce. Around 2.22 lakh new female members enrolled, marking a 6.34% YoY increase. Additionally, net female payroll additions stood at 3.03 lakh, reflecting a 4.77% YoY growth.
This rise in female membership signals positive workforce inclusion trends and the effectiveness of initiatives promoting women’s employment.
State-Wise and Industry-Wise Employment Trends
State-wise data showed that the top five contributors—Maharashtra, Karnataka, Gujarat, Haryana, and Delhi—added 9.60 lakh net subscribers, making up 59.84% of the total net payroll additions. Maharashtra led the list, accounting for 21.71% of total new additions.
Industry-wise, the highest employment growth was observed in:
- Expert services (including manpower suppliers, security services, and contractors), contributing 41.23% of net payroll additions.
- Building and construction industries, reflecting infrastructure sector expansion.
- Commercial and financial establishments, indicating rising demand for professionals in these sectors.
EPFO Payroll Data: A Continuous Process
EPFO has been releasing payroll data since April 2018, covering figures from September 2017 onwards. The net monthly payroll is calculated based on:
- First-time members joining EPFO with an Aadhaar-linked Universal Account Number (UAN).
- Existing members exiting the EPFO system.
- Members rejoining after switching jobs.
As updates are ongoing, these figures remain provisional, subject to future revisions.
Conclusion
EPFO’s December 2024 data highlights strong employment trends, with net member additions witnessing a 9.69% rise from November. The steady increase in female participation, first-time job seekers, and job switchers opting for fund transfers reflect a positive workforce transformation. As EPFO continues its outreach initiatives, further growth in provident fund enrollments is expected in the coming months.
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