EPFO records 7.6 per cent increase in members to 7.37 crore

New Delhi, Nov 10 (SocialNews.XYZ) The number of contributing members to the EPFO (Employees' Provident Fund Organisation) has risen by 7.6 per cent to 7.37 crore in 2023-24 from 6.85 crore in 202-2023 while the number of establishments making contributions to the organisation has risen by 6.6 per cent to 7.66 lakh during this period, according to a statement issued by the Labour Ministry on Sunday.

This reflects both the increase in employment and business establishments in the organised sector of the Indian economy, which offers a better standard of living to workers,

The EPFO also saw an increase of 55.4 per cent to Rs 5,268 crore in realising arrear dues compared to the corresponding figure of Rs 3,390 crore in the previous year.

There was also an increase of 7.8 per cent in the number of claims settled over the previous year (4.45 crore from 412.86 crore). The Executive Committee recommended the report for adoption to the Central Board, the press statement added.

The figures form part of the Annual Report for the year 2023-24 on the functioning of EPFO which was considered by the Executive Committee meeting on Friday headed by Sumita Dawra, Secretary (Labour & Employment).

The Audited Annual Accounts of EPFO for the years 2021-22 and 2022-23 were placed before the Committee for consideration of recommendation to the Board, thus ensuring that the backlog of annual account was cleared.

The Committee gave directions that the audited accounts for the year 2023-24 should be prepared and presented in time.

As an important initiative, the Executive Committee approved the hiring of two Chartered Accountant firms for the preparation of Annual Financial Statements of EPFO, and to facilitate the automation of the process of preparation of financial statements. This will ensure that the annual accounts are prepared timely, and bring in professionalism and the latest practices in the process, the press statement said.

In another significant decision, the Executive Committee also considered the draft New Compassionate Appointment Policy, 2024, with a goal to bring relief to the dependents and wards of many employees of EPFO, who had unfortunately died in harness, many of which had occurred during the Covid pandemic period.

Further, the Executive Committee deliberated several other proposals related to information technology, administrative, financial, and related aspects for good governance in EPFO.

The reform agenda of EPFO was discussed at length. It was appreciated that EPFO has relaxed the criteria for auto-settlement of claims with respect to the ceiling as well as the categories of admissible grounds for claim.

Other reforms related to streamlining processes, making it easier for members to get their claims processed were also taken up.

Steps to enable centralised pension payment as well as interventions in improving IT related software and hardware were discussed, and timelines for completion of overhaul of the IT system were noted, the statement added.

Source: IANS