The Employees' Provident Fund Organisation (EPFO) reported a net addition of 1.34 million members in October. The surge reflects growing job opportunities and heightened awareness of social security benefits among workers. Provisional payroll data for October reveals positive trends in both new enrollments and returning members.According to the ministry of labour and employment's press release on Wednesday, 750,000 new members joined EPFO in October. It attributed the growth to expanding job opportunities, increased awareness of EPFO benefits, and effective outreach initiatives by the organisation.A striking trend in the data is the strong representation of young workers. The 18-25 age group accounted for 58.49% of all new enrollments, with 543,000 members joining in October. This reflects a growing number of first-time job seekers entering the organized workforce.Additionally, 591,000 individuals rejoined EPFO in October after previously exiting, marking a 16.23% year-on-year increase. The trend suggests a preference among workers to transfer accumulations rather than opt for final settlements, emphasizing a focus on long-term financial security.For an extended version of this story, go to livemint.com

EPFO adds 750k new members in October

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