EPFO's Growth and Reforms: A New Era of Efficiency

EPFO reports a 6.6% rise in contributing employers and a 7.6% growth in members for 2023-24. The Executive Committee discusses reforms, including IT improvements and compassionate appointments. Key performance showed arrear dues collection up by 55.4% and an increase in claims settled. Foundation Day to boost reform agenda.

The Employees' Provident Fund Organization (EPFO) has reported a significant increase in both contributing employers and members for the year 2023-24, according to the latest statement from the labour ministry. Employers rose by 6.6 percent, reaching 7.66 lakh, while members grew by 7.6 percent, totaling 7.37 crore.

During the 109th Meeting of its Executive Committee, significant reforms and policy changes were discussed, aiming to enhance operational efficiency and ease member interaction. Notable points included the New Compassionate Appointment Policy, proposing relief for employees' families affected by deaths during service, particularly during the Covid pandemic.

The committee also highlighted ongoing IT upgrades and the approval of hiring Chartered Accountant firms to streamline financial reporting. These initiatives, aligned with EPFO's reform agenda, are targeted to simplify processes, improve claim settlements, and advance the overall service delivery for stakeholders.

(With inputs from agencies.)