Contribution members to the EPFO have increased by 7.6 per cent to 7.37 crore in 2023-24 from 6.85 crore in 2022-2023, while establishment contributing to the organization increased by 6.6 per cent to 7.66 lakh during this period, said a statement issued by the Labour Ministry on Sunday.
This reflects the increase in employment and business establishments in the organized sector of the Indian economy, offering a better standard of living to the workers.
The arrears realisation under EPF went up by 55.4 per cent to Rs 5,268 crore compared with the corresponding figure of Rs 3,390 crore for the previous year.
Settled total claims of 7.8 per cent higher than in the previous year stood at 4.45 crore against 4.12 crore. The press statement said the Executive Committee had recommended the report for adoption by the Central Board.
The figures are part of the Annual Report for the year 2023-24 in respect of the functioning of EPFO, which was taken up 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 placed before the Committee for consideration of recommendation to the Board thereby clearing the backlog of annual accounts.
The Committee requested directives that the accounts for the year 2023-24 be audited and presented in time.
Other such initiatives that have got the nod from the Executive Committee include hiring two Chartered Accountant firms to prepare Annual Financial Statements of EPFO and to facilitate automation in the process of preparation of financial statements. The annual accounts would be prepared well within time, and professionalism coupled with the latest practices would come in the process, it said in a press statement.
The Executive Committee considered a draft New Compassionate Appointment Policy, 2024, designed to provide relief to the dependents and wards of several employees of EPFO who had unfortunately died in harness during the Covid pandemic period among many.
The Executive Committee also deliberated upon several other information technology-related proposals, administrative, financial, and related aspects for good governance in EPFO.
The reform agenda of EPFO was elaborated upon. The savings on account of the reduction of the ceiling and the categories of admissible grounds for claims were appreciated to have been relaxed by EPFO.
The other reforms related to streamlining processes so that it is easier for members getting claims processed were taken up.
The statement added that steps to enable centralised pension payment as well as interventions in improving IT-related software and hardware were discussed, and timelines for the completion of the overhaul of the IT system were noted.
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