Number of EPFO subscribers up 7.6% at 73.7 million in 2023-24

The Employees’ Provident Fund Organisation witnessed 7.6% jump in number of contributing members in 2023-24 at 73.7million compared to 68.5 million in the preceding years while the number of contributing establishments went up by 6.6% to 0.76 million as against 0.71 million in 2022-23, shows the draft annual report of EPFO for 2023-24.

The retirement fund body witnessed an increase of 55.4% in realizing arrear dues (Rs 5268 crore vis-a-vis Rs 3390 crore) over the previous year and an increase of 7.8% in the number of claims settled over the previous year at 44.5 million as compared to 41.2 million).

Labour secretary Sumita Dawra-led executive committee of the central board of trustees of EPFO deliberated and approved the draft annual report for 2023-24 at its 109th meeting held on Friday, the ministry of labour and employment said in a statement issued on Sunday.

“The executive committee recommended the report for adoption to the central board,” it said. The central board of trustees (CBT) of EPFO will meet on November 23 to approve the annual report for 2023-24.

Besides, the CBT will also deliberate and approve the audited annual accounts of EPFO for the years 2021-22 and 2022-23, thereby ensuring that the backlog of annual accounts was cleared.

“The committee gave directions that the audited accounts for the year 2023-24 should be prepared and presented in time,” the ministry said. According to the statement, the executive committee also approved the hiring of two chartered accountant firms for the preparation of Annual Financial Statements of EPFO, and to facilitate the automation of the process of preparation of financial statements. “This will ensure that the annual accounts are prepared timely, and bring in professionalism and latest practices in the process,” it said.

Further, the executive committee also deliberated on the draft New Compassionate Appointment Policy, 2024 to bring relief to the dependents and wards of many employees of EPFO who have lost their lives with the majority of them during the pandemic.

“Steps to enable centralized pension payment as well as the interventions in improving IT related software and hardware were discussed, and timelines for completion of overhaul of the IT system were noted,” the ministry said.

To enhance the ease of living for the citizens through systemic improvements, the executive committee will now hold monthly meetings for the next few months to regularly monitor and review the reform agenda, including modernization projects and other important initiatives that are under way at present, the ministry added.