New Delhi, Feb 25 (UNI) Retirement fund manager Employees' Provident Fund Organisation (EPFO) added 16.05 lakh net members during the month of December 2024, an increase of 9.69% over the previous month.
As per official payroll data released on Tuesday, EPFO enrolled around 8.47 lakh new subscribers in December 2024.
An official release from the Ministry of Labour and Employment said that the increase in EPFO subscribers during the month of December last year signified increased employment opportunities and heightened awareness of employee benefits.
"EPFO enrolled around 8.47 lakh new subscribers in December 2024. The new subscribers’ addition shows year on year growth of 0.73% from the previous year in 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," it said.
The official data showed employees in the age group of 18-25 dominated the overall subscriber addition, constituting a significant 57.29% of the total new subscribers added in December 2024.
"The net payroll addition for the age group 18-25 for December 2024 is approximately 6.85 lakh reflecting an increase of 16.91% compared to the previous month of November 2024. This is in consonance with the earlier trend which indicates that most individuals joining the organized workforce are youth, primarily first-time job seekers," the release said.
As per payroll data, about 15.12 lakh members exited and subsequently rejoined EPFO. This figure represents a 5.10% increase compared to the previous month of November 2024.
Gender-wise analysis of payroll data showed that out of the total new subscribers added during December 2024, around 2.22 lakh were new female subscribers.
Of the total net payroll addition, around 41.23% addition was from expert services (consisting of manpower suppliers, normal contractors, security services, miscellaneous activities etc).
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