New Delhi: The variety 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 variety of institutions making contributions to the organisation has risen by 6.6 per cent to 7.66 lakh throughout this era, in line with an announcement issued by the Labour Ministry on Sunday.
This displays each the rise in employment and enterprise institutions within the organised sector of the Indian economic system, which presents a greater way of life to staff,
The EPFO additionally noticed a rise of 55.4 per cent to Rs 5,268 crore in realising arrear dues in comparison with the corresponding determine of Rs 3,390 crore within the earlier yr.
There was additionally a rise of seven.8 per cent within the variety of claims settled over the earlier yr (4.45 crore from 412.86 crore). The Executive Committee really helpful the report for adoption to the Central Board, the press assertion added.
The figures type a part of the Annual Report for the yr 2023-24 on the functioning of EPFO which was thought-about by the Executive Committee assembly 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 earlier than the Committee for consideration of advice to the Board, thus guaranteeing that the backlog of annual account was cleared.
The Committee gave instructions that the audited accounts for the yr 2023-24 needs to be ready and offered in time.
As an essential initiative, the Executive Committee authorised the hiring of two Chartered Accountant companies for the preparation of Annual Financial Statements of EPFO, and to facilitate the automation of the method of preparation of economic statements. This will be certain that the annual accounts are ready well timed, and usher in professionalism and the most recent practices within the course of, the press assertion mentioned.
In one other vital choice, the Executive Committee additionally thought-about the draft New Compassionate Appointment Policy, 2024, with a purpose to convey aid to the dependents and wards of many staff of EPFO, who had sadly died in harness, lots of which had occurred throughout the Covid pandemic interval.
Further, the Executive Committee deliberated a number of different proposals associated to data expertise, administrative, monetary, and associated features for good governance in EPFO.
The reform agenda of EPFO was mentioned at size. It was appreciated that EPFO has relaxed the standards for auto-settlement of claims with respect to the ceiling in addition to the classes of admissible grounds for declare.
Other reforms associated to streamlining processes, making it simpler for members to get their claims processed have been additionally taken up.
Steps to allow centralised pension fee in addition to interventions in bettering IT associated software program and {hardware} have been mentioned, and timelines for completion of overhaul of the IT system have been famous, the assertion added.
