Recently, the EPFO has shared data revealing enhanced numbers on its basic parameters, assessing the results for the FY 2023-24. In a recent update reported by the Ministry of Labour of India, it was stated that both the number of contribution generating employers and members, in the EPFO were on the rise. This progress was made highlighted during the 109th meeting of EPFO executive committee meeting held on 8th November, 2024.
Greatest Growth in Member Employers
It has revealed that number of employers has increased many folds from 6.06 lakh to around 7.66 lakh with 6.6% increase in the employers contributing the EPFO. On the same note, membership stand at 7.37 crore an increase of 7.6% from the previous financial year. These numbers show that over the years EPFO expanded its membership and this shows that more and more companies are finding the organization indispensable to them and their employees.
Finance and Operations
The Annual Report for 2023-24 also insisted on the increase of arrear dues collection by 55.4%, due to which the arrear dues for the current RS has become Rs 5, 268 crore from the previous year Rs 3,390 crore.
Besides, the volume of claims processed increased by 7.8%, 4.45 crore claims this year as compared with 4.13 crore in the previous year. These figures thus buttress the commitment of EPFO to enhance, its performance in terms of efficiency and effectiveness, in the management of members’ funds and the delivery of services.
Compassionate Policy and IT Upgrades
The EPFO Executive Committee has also made provisions to assist the families of the employees. A New Compassionate Appointment Policy has been initiated to help families of the EPFO employees who died while in service and due to COVID-19 as well.
Furthermore, the organization is improving its IT solutions to minimize the complexity and time of the claims settlement to its members. This has involved comparatively loose conditions required for auto-withdrawal on confirmations and improvements to software all over the EPFO offices in India.
Future Plans and Monthly Oversight
In the future, the Executive Committee is expected to set a monthly meeting to monitor the progress in modernization drives. In support of the government’s campaign for more unified processes across the nation, these endeavors will be highlighted again at EPFO’s 72nd Foundation Day on November 15, 2024.
In order to ensure that the financial reports are accurate the Committee has also agreed that the University engage the services of two Chartered Accountant firms in a bid to automate the process of preparing the financial statements of the financial year 2023-24.
