New Delhi, Nov 20 || The Employees' Provident Fund Organisation (EPFO) has registered a net addition of 18.81 lakh members during September this year which represents a 9.33 per cent growth compared to the same month last year, reflecting increased employment opportunities and heightened awareness of employee benefits, bolstered by EPFO’s effective outreach initiatives, the Ministry of Labour and Employment said on Wednesday.
The data shows a sharp increase in the number of youngsters, who have got jobs for the first time, and a significant increase in the number of female workers as well.
As many as 9.47 lakh of these are new members in September 2024, representing an increase of 6.22 per cent over the corresponding figure for September 2023.
This surge in new memberships can be attributed to growing employment opportunities in the organised sector of the Indian economy, the statement said.
A noticeable aspect of the data is the dominance of the 18-25 age group, constituting a significant 59.95 per cent of the total new members added in September 2024. In addition, the net payroll data for the age group 18-25 for September 2024 is 8.36 lakh, which depicts a 9.14 per cent year-on-year growth as compared to September 2023 data. 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 statement said.