EPFO Payroll Data for December 2024: Posted Growth of 2.74% in Net Addition

The Employees’ Provident Fund Organization (EPFO) has released the provisional payroll data for December 2024, showcasing significant employment trends and member additions.

Net Addition in December 2024

In December 2024, EPFO recorded a net addition of 16.05 lakh members. This represents a 9.69% increase in net payroll additions compared to November 2024, indicating a strong growth trajectory in employee enrollment.

This indicates a YoY growth of 2.74% increase in net payroll additions compared to December 2023, signalling a positive growth trend in employment opportunities and heightened awareness of employee benefits due to EPFO’s outreach initiatives.

Key Highlights of EPFO Payroll Data (December 2024)

• New Subscribers: EPFO enrolled 8.47 lakh new subscribers in December 2024, marking a 0.73% year-on-year growth from December 2023. This increase can be attributed to rising employment opportunities, greater awareness of employee benefits, and EPFO’s effective outreach campaigns.
• Age Group 18-25 Leads Payroll Addition: The 18-25 age group significantly dominated the new subscriber additions, accounting for 4.85 lakh new subscribers, which makes up 57.29% of the total additions in December 2024. This group also saw a 0.91% increase from November 2024 and a 0.92% increase from December 2023. Additionally, the net payroll addition for this age group reached approximately 6.85 lakh, reflecting a 16.91% increase compared to November 2024.
• Rejoined Members: Approximately 15.12 lakh members who had previously exited the EPFO rejoined in December 2024. This represents a 5.10% increase from November 2024 and a significant year-over-year growth of 25.76% compared to December 2023. These members opted to transfer their accumulated funds rather than apply for a final settlement, ensuring the continuation of their long-term financial and social security benefits.
• Growth in Female Membership: Female membership showed considerable growth, with around 2.22 lakh new female subscribers added in December 2024, reflecting a 6.34% year-over-year increase. The net female payroll addition stood at 3.03 lakh, marking a 4.77% increase compared to December 2023. This rise in female participation indicates a broader trend towards a more inclusive and diverse workforce.
• State-wise Contribution: The top five states and Union Territories (UTs) accounted for 59.84% of the net payroll addition, contributing around 9.60 lakh members in total. Maharashtra led with 21.71% of the net payroll addition, followed by Karnataka, Gujarat, Haryana, Delhi, Tamil Nadu, Uttar Pradesh, and Telangana, each contributing over 5% of the total net payroll.
• Industry-wise Trends: Significant growth in net payroll additions was observed in sectors such as Expert Services, Building and Construction, Other Industries, Trading – Commercial Establishments, and Financing Establishments. Expert Services, including manpower suppliers and security services, accounted for 41.23% of the total net payroll addition.

Conclusion

It is important to note that the payroll data is provisional and subject to updates. EPFO continuously updates member records, leading to revisions in earlier data. This includes modifications from monthly filings, corrections to earlier reports, and updates on exit dates. Data for the period from September 2017 onward is made available each month, with new enrollments through Aadhaar-validated Universal Account Numbers (UAN), exits, and re-joins all factored into the net payroll figures.

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