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Informist, Thursday, Dec. 26, 2024

 

NEW DELHI – The Employees' Provident Fund Organisation net added 1.34 million subscribers in October, sharply lower than the 1.88 million subscribers added the previous month, according to data released Wednesday by the labour ministry.

 

Of the net subscribers added in October, around 750,000 came under the social security cover of the EPFO for the first time. "This addition in new memberships can be attributed to growing employment opportunities, increased awareness of employee benefits, and EPFO's successful outreach programs," the ministry said in a release. 

 

Around 58.5% of the new members added in October were in the age group of 18-25. This suggests that most individuals joining the organised workforce are youth, primarily first-time job seekers, the ministry said. 

 

The first-time members included around 209,000 females, up 2.1% from October 2023. The net female member addition in October was around 279,000. "The increase in female member additions is indicative of a broader shift towards a more inclusive and diverse workforce," the ministry said. 

 

Maharashtra, Karnataka, Tamil Nadu, Delhi, and Haryana accounted for 61.3% of the total net member additions in October, collectively adding 822,000 members. Maharashtra added the most members on a net basis, contributing 22.2% to the total members.

 

Sectors such as road motor transport, electronic media companies in the private sector, and non-nationalised banks saw a significant rise in membership in October. Of the total net membership, around 42.3% addition was from expert services such as manpower suppliers, normal contractors, and security services. 

 

The EPFO payroll data is provisional and subject to revisions.  End

 

Reported by Shubham Rana

Edited by Avishek Dutta

 

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