The Employees' Provident Fund Organisation (EPFO) experienced a 7.6 per cent increase in contributing members in the fiscal year 2023-24, bringing the total to 73.7 million, up from 68.5 million the previous year.
According to the EPFO's draft annual report, contributing establishments also saw a boost, rising by 6.6 per cent to reach 0.76 million from 0.71 million in the 2022-23 period. The retirement fund body further reported a significant 55.4 per cent increase in the collection of arrear dues, amounting to Rs 5,268 crore compared to Rs 3,390 crore in the prior fiscal year. The number of claims settled also rose by 7.8 per cent, reaching 44.5 million, up from 41.2 million in the previous year, reflecting EPFO's ongoing efforts to improve member services.
The EPFO's executive committee, chaired by Labour Secretary Sumita Dawra, reviewed and approved the draft report during its 109th meeting. The report has been recommended to the central board of trustees (CBT) for formal adoption in a meeting scheduled for 23 November.
At this meeting, the CBT will also review and approve audited annual accounts for the years 2021-22 and 2022-23, addressing the backlog in financial reporting. In a step towards improved efficiency, the committee directed that the 2023-24 accounts be prepared promptly to avoid future delays.
To ensure accuracy and timeliness in financial reporting, the EPFO plans to hire two chartered accountant firms to assist in preparing annual financial statements and automate the process. This initiative is expected to bring enhanced professionalism and up-to-date practices to EPFO’s financial management. Additionally, the executive committee deliberated on a new compassionate appointment policy aimed at providing support to the dependents of employees who lost their lives, with many deaths occurring during the pandemic.
Other operational improvements were also prioritised, with discussions on centralizing pension payments and overhauling the organisation’s IT infrastructure. The committee has committed to holding monthly meetings in the coming months to closely monitor these reforms, which include ongoing modernisation projects designed to improve the ease of access and service for EPFO members.
