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13.41 lakh members have joined the Employees Provident Fund Organization (EPFO) in October. This shows that employment opportunities are increasing rapidly in the country. This statement was given by the Union Ministry of Labor and Employment on Wednesday. About 7.50 lakh new members joined the EPFO in October, out of which 58.49 percent were in the age group of 18-25. The total number of this young age group is 5.43 lakh.

The ministry has said that this figure is in line with the earlier trend, which shows that most of the individuals joining the organized workforce are young, mainly consisting of first-time job seekers. This indicates increasing employment opportunities in the economy.

According to information received from payroll data, about 12.90 lakh members have exited the EPFO and rejoined it. This figure is 16.23 percent higher on an annual basis as compared to October 2023. These EPFO members changed their jobs and rejoined the companies covered under EPFO. These members chose to transfer their accumulated wealth instead of applying for a final settlement thus expanding their social and financial security.

A gender-wise analysis of the payroll data shows that about 2.09 lakh of the new members added during the month are new female members. This figure is 2.12 percent higher on a year-on-year basis as compared to October 2023. The official statement said that the increase in the number of total female members during the review period was around 2.79 lakh. The increase in the number of women members indicates a broader shift towards a more inclusive and diverse workforce. A state-wise analysis of the payroll data shows that the top five union territories accounted for 61.32 percent of the total members associated with EPFO.

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