EPFO Enhances Investments and IT Systems to Boost Member Services

The Employees' Provident Fund Organisation (EPFO) has invested Rs 34,207.93 crore in ETFs during April-October 2024. EPFO manages a corpus of Rs 24.75 lakh crore, also implementing IT reforms like CITES 2.01 to improve claim processing and pension payments.

Retirement fund body EPFO has invested Rs 34,207.93 crore in exchange-traded funds (ETFs) during the April-October period of this fiscal year, Parliament was informed on Monday.

In a detailed response to the Lok Sabha, Minister of State for Labour and Employment, Shobha Karandlaje, revealed that the Employees' Provident Fund Organisation (EPFO) has significantly ramped up its investments, with a total of Rs 57,184.24 crore allocated to ETFs overall.

With a focus on modernizing its infrastructure, EPFO has implemented the Centralized IT Enabled System (CITES) 2.01, designed by C-DAC, to streamline claim processing and enhance the efficiency of member services.

(With inputs from agencies.)