Youth Surge: EPFO Sees Massive Growth in Payroll

The EPFO added 14.63 lakh net members in November 2024, marking a 4.88% increase from the previous year. Young job seekers dominate the new entries, highlighting increased employment opportunities and the effectiveness of EPFO’s initiatives. Maharashtra leads state-wise additions, showing significant gender and age group diversity.

Retirement fund entity EPFO recorded an impressive increase in net member additions, with 14.63 lakh names added in November 2024. This growth signifies a 4.88% rise from the previous year, as revealed by the latest payroll data.

The notable increase in membership exemplifies broader employment opportunities and signifies heightened awareness about employee benefits, underlined by EPFO's successful outreach programs. The data also shows an upward trend in youth employment, with first-time job seekers accounting for a large segment of new entries.

Maharashtra emerged as the leading state in new member enrollments, accounting for a significant 20.86% of additions. An analysis of gender-based data reveals an upward trend in female participation, reflecting a shift towards inclusivity in the workforce.

(With inputs from agencies.)