The number of contributing organisations to Employees’ Provident Fund Organisation (EPFO) in FY24 grew 6.6% on year to 7,66,000, and the number of contributing members rose 7.6% to 73.7 million.
The EPFO also saw an increase of 55.4% in realising arrear dues to Rs 5,268 crore from over the previous year in FY24 while the number of claims settled rose 7.8% on year. The data was presented during the 109th Meeting of the Executive Committee of the Central Board, EPFO, according to an official statement.
During the meeting, which was chaired by Labour Secretary Sumita Dawra, the committee deliberated several proposals related to information technology, administrative, financial, and related aspects for good governance in EPFO. “It was appreciated that EPFO has relaxed the criteria for auto-settlement of claims with respect to the ceiling as well as the categories of admissible grounds for claim. Other reforms related to streamlining processes, making it easier for members to get their claims processed, were also taken up,” the release said.
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The committee 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.
Moreover, the committee considered the draft ‘New Compassionate Appointment Policy, 2024,’ with a goal to bring relief to the dependents and wards of many employees of EPFO, who had unfortunately died in harness, many of which had occurred during the Covid pandemic period, the release said.
Additionally, 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.
Source: financialexpress
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