Employers up 6.6%, members rise 7.6% in FY24: EPFO

PTI New Delhi: Retirement fund body EPFO has seen a 6.6% yearon- year rise in contributing employers to 7.66 lakh while recording 7.6% growth in members to 7.37 crore in 2023-24, a labour ministry statement stated. According to a statement issued on Sunday, the labour secretary and Chairperson of the Executive Committee, Central Board, Employees' Provident Fund Organization (EPFO), presided over the 109th Meeting of the Executive Committee on November 8, 2024, at EPFO Head Office in the national capital.

This was the first meeting of the Executive Committee after the re-constitution of the panel on September 27, 2024. The Executive Committee is a statutory panel under the EPF Act 1952, with the mandate of rendering assistance to the Central Board of Trustees, EPFO in the discharge of its functions. The Annual Report for the year 2023-24 on the functioning of EPFO was also considered by the Executive Committee. As per the statement , while deliberating on the Annual Report, the Committee noted the steady growth in key performance parameters of the organisation. The number of contributing establishments grew 6.6% (7.66 lakhs from 7.18 lakhs) while the number of contributing members increased 7.6% (7.37 crore from 6.85 crore) over the previous year, it added. The organisation also saw a 55.4% rise in realising arrear dues (Rs 5,268 crore from Rs 3,390 crore) over the previous year. There was a 7.8% increase in the number of claims settled over the previous year (4.45 crore from 4.13 crore). The Executive Committee recommended the report for adoption to the Central Board.

In another significant decision, the Executive Committee also considered the draft New Compassionate Appointment Policy, 2024, to bring relief to the dependents and wards of many employees of EPFO, who had unfortunately died in harness, many of which had occurred during the Covid pandemic period. Further, the Executive Committee deliberated several other proposals related to information technology, administrative, financial, and related aspects for good governance in EPFO.