New Delhi, November 10 (IANS). The number of members contributing to the Employees’ Provident Fund Organization (EPFO) has increased by 7.6 percent to 7.37 crore in FY 2023-24, from 6.85 crore in FY 2022-23. Also, the number of organizations contributing during this period has increased by 6.6 percent to 7.66 lakh. This information was given by the Labor Ministry on Sunday.
This shows that the number of jobs and businesses in the formal sector is increasing in India, which provides a better standard of living to the employees.
EPFO’s recovery of dues also saw a growth of 55.4 per cent, reaching Rs 5,268 crore compared to Rs 3,390 crore last year.
The number of claims settled has also increased by 7.8 percent from 4.12 crore to 4.45 crore compared to the previous year.
These figures are part of the annual report for the year 2023-24 on the functioning of EPFO, which was considered in the meeting of the executive committee chaired by Secretary (Labour and Employment) Sumita Dawra on Friday.
Many important decisions were taken in the meeting. The Executive Committee also discussed the draft of the new Compassionate Appointment Policy, 2024, which aims to provide relief to the dependents and children of several EPFO employees who unfortunately died during service, many of whom died during the Covid pandemic. Had happened.
Apart from this, in the meeting the Executive Committee discussed IT, administrative, financial and other related aspects for better governance in EPFO.
The government is working on introducing a new centralized pension payment system for EPS pension payments.
Union Labor and Employment Minister Dr. Mansukh Mandaviya on Friday announced the success of the pilot run of the new Centralized Pension Payment System (CPPS) under the Employees’ Pension Scheme (EPS)-1995 with the aim of enhancing pension services.
–IANS
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