The Employees’ Provident Fund Organization (EPFO) has seen substantial growth in its key performance indicators for 2023-24, as revealed by a recent statement from the Ministry of Labour. The number of contributing employers increased by 6.6%, reaching a total of 7.66 lakh, while membership grew by 7.6%, totaling 7.37 crore.
The updates were discussed during the 109th Meeting of the EPFO Executive Committee, which took place on November 8, 2024. This meeting marked the first gathering of the reconstituted panel, following its revamp on September 27, 2024.
Annual report highlights
The Committee deliberated on the Annual Report for 2023-24, which showcased significant improvements across several metrics. Among the most notable figures was a 55.4% increase in the collection of arrear dues, which rose to Rs 5,268 crore, up from Rs 3,390 crore the previous year. Additionally, the number of claims settled saw a 7.8% rise, from 4.13 crore to 4.45 crore.
Compassionate appointment policy & IT reforms
Another important decision was the approval of the draft New Compassionate Appointment Policy, aimed at providing relief to the families of EPFO employees who passed away during service, particularly those who were affected by the Covid-19 pandemic.
The Executive Committee also reviewed ongoing reforms, particularly in the areas of information technology and governance. Noteworthy among these was the relaxation of criteria for the auto-settlement of claims and the simplification of the process for members seeking claim settlements. The ongoing modernization of IT systems, including the improvement of field application software, was also discussed, with emphasis placed on ensuring that the reforms reach all EPFO offices nationwide.
Future plans & reforms
Looking ahead, the Executive Committee resolved to meet monthly to oversee the progress of ongoing reforms, with a focus on modernizing EPFO’s operations. The 72nd Foundation Day of EPFO, slated for November 15, 2024, will serve as a platform to further push these initiatives across the country.
The Committee also reviewed the audited financial accounts for 2021-22 and 2022-23 and decided to expedite the preparation of the 2023-24 accounts. As part of this, two Chartered Accountant firms will be hired to automate the process and ensure timely, professional preparation of annual financial statements.
