New Delhi
The Employees’ Provident Fund Organisation (EPFO) has reported a 7.6% increase in its contributing members, reaching 7.37 crore in the financial year 2023-24, up from 6.85 crore in the previous year. Additionally, the number of business establishments contributing to the fund rose by 6.6%, totaling 7.66 lakh, according to a statement by the Labour Ministry on Sunday.
This growth reflects both an increase in employment and the expansion of business establishments in India’s organized sector, contributing to better living standards for workers.
The EPFO also saw a significant rise in arrear dues collection, with a 55.4% increase to Rs 5,268 crore, compared to Rs 3,390 crore in the previous year. Additionally, there was a 7.8% increase in the number of claims settled, reaching 4.45 crore, up from 4.12 crore in 2022.
The data forms part of the EPFO’s Annual Report for 2023-24, which was reviewed by the Executive Committee in a meeting chaired by Sumita Dawra, Secretary (Labour & Employment). The committee also discussed reforms, including the relaxation of criteria for auto-settlement of claims and improvements in the IT systems for smoother operations.
In other key decisions, the committee approved the hiring of two Chartered Accountant firms to help automate and streamline the preparation of financial statements, and reviewed a draft of the new Compassionate Appointment Policy, which aims to support the families of EPFO employees who passed away during their service, including many during the COVID-19 pandemic.
