The Employees’ Provident Fund Organisation (EPFO) has released the provisional payroll data for December 2024, revealing a net addition of 16.05 lakh members.
The new subscribers’ addition shows year-on-year growth of 0.73 per cent from December 2023. This surge in new subscribers can be attributed to growing employment opportunities, increased awareness of employee benefits, and EPFO’s successful outreach programs, the Ministry of Labour and Employment said.
However, the y-o-y analysis reveals a growth of 2.74 per cent in net payroll additions compared to December 2023, signifying increased employment opportunities and heightened awareness of employee benefits, bolstered by EPFO’s effective outreach initiatives, the Ministry pointed out.
A noticeable aspect of the data is the dominance of the 18-25 age group, as 4.85 lakh new subscribers were added in this segment, constituting a significant 57.29 per cent of the total subscribers added in December 2024.
The Ministry stated that this is in consonance with the earlier trend which indicates that most individuals joining the organised workforce are youth, primarily first-time job seekers.
The payroll data highlights that approximately 15.12 lakh members exited and subsequently re-joined the EPFO.
This figure represents a 5.10 per cent increase compared to November 2024. It also depicts a significant year-over-year growth of 25.76 per cent compared to December 2023.
These members switched their jobs and re-joined the establishments covered under the ambit of EPFO and opted to transfer their accumulations instead of applying for final settlement thus safeguarding long-term financial well-being and extending their social security protection.