New Delhi: 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 whereas the number of establishments making contributions to the organisation has risen by 6.6 per cent to 7.66 lakh all through this period, according to an announcement issued by the Labour Ministry on Sunday.
This shows every the rise in employment and enterprise establishments inside the organised sector of the Indian financial system, which presents a larger lifestyle to employees,
The EPFO moreover observed an increase of 55.4 per cent to Rs 5,268 crore in realising arrear dues compared with the corresponding decide of Rs 3,390 crore inside the earlier yr.
There was moreover an increase of seven.8 per cent inside the number of claims settled over the sooner yr (4.45 crore from 412.86 crore). The Executive Committee actually useful the report for adoption to the Central Board, the press assertion added.
The figures sort part of the Annual Report for the yr 2023-24 on the functioning of EPFO which was thought-about 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 have been positioned sooner than the Committee for consideration of recommendation to the Board, thus guaranteeing that the backlog of annual account was cleared.
The Committee gave directions that the audited accounts for the yr 2023-24 must be prepared and supplied in time.
As an important initiative, the Executive Committee authorised the hiring of two Chartered Accountant corporations for the preparation of Annual Financial Statements of EPFO, and to facilitate the automation of the tactic of preparation of financial statements. This will probably be sure that the annual accounts are prepared properly timed, and usher in professionalism and the newest practices inside the course of, the press assertion talked about.
In one different important selection, the Executive Committee moreover thought-about the draft New Compassionate Appointment Policy, 2024, with a goal to convey assist to the dependents and wards of many employees of EPFO, who had sadly died in harness, plenty of which had occurred all through the Covid pandemic interval.
Further, the Executive Committee deliberated a lot of completely different proposals related to information experience, administrative, financial, and related options for good governance in EPFO.
The reform agenda of EPFO was talked about at dimension. It was appreciated that EPFO has relaxed the requirements for auto-settlement of claims with respect to the ceiling along with the courses of admissible grounds for declare.
Other reforms related to streamlining processes, making it easier for members to get their claims processed have been moreover taken up.
Steps to permit centralised pension payment along with interventions in bettering IT related software program program and {{hardware}} have been talked about, and timelines for completion of overhaul of the IT system have been well-known, the assertion added.
