EPFO Members increased: In India, there is an increase in the number of members contributing to the Employees Provident Fund Organization (EPFO). This is an indication that the number of employment and business in the formal sector is increasing in the country. The number of members in EPFO has increased by 7.6 percent to 7.37 crore in the financial year 2023-24, whereas in the financial year 2022-23 it was 6.85 crore members. The Labor Ministry has shared this information and figures.
The number of contributing organizations increased by 6.6 percent to 7.66 lakh.
During this period, the number of contributing organizations has increased by 6.6 percent to 7.66 lakh. The increasing number of members and institutes of EPFO shows that the employees in the organized sector are being provided a better standard of living due to which their number is increasing. Information about all these figures has been received under the annual report for the year 2023-24 on the functioning of EPFO.
Know some important decisions of the Executive Committee meeting here
Many tasks, targets and issues were considered in the executive committee meeting chaired by Labor and Employment Secretary Sumita Dawra this Friday.
- 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.
- The Executive Committee also discussed the draft of the new Compassionate Appointment Policy 2024, under which relief is to be provided to the dependents and children of EPFO employees. For those employees who unfortunately died while in service, many of whom died during the Covid pandemic, avenues of monetary or government relief have been discussed under the new policy.
- In its meeting, the Executive Committee discussed IT, Administration, Finance and other related aspects for better governance in EPFO. The government is working on introducing a new centralized pension payment system for EPS pension payment.
Increase in recovery of EPFO dues also
There has also been an increase of 55.4 percent in the recovery of dues of EPFO and it has increased to Rs 5268 crore. Last year it was at Rs 3390 crore. Compared to last year, the number of claims settled has also increased by 7.8 percent to 4.45 crore. Last year it was Rs 4.12 crore, which means the claim settlement process has also been expedited.
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