EPFO Membership and Contributions Surge in 2023-24, Reflecting Robust Employment Growth

New Delhi, November 10: The Employees’ Provident Fund Organisation (EPFO) has reported a significant increase in its contributing membership, reaching 7.37 crore members in the fiscal year 2023-24, up from 6.85 crore the previous year, marking a 7.6% growth. Concurrently, the number of establishments contributing to the EPFO has also risen by 6.6% to 7.66 lakh, as per the latest Labour Ministry statement.

This uptick indicates a robust expansion in employment and business within India's organized sector, enhancing the standard of living for many workers. The EPFO has also seen a substantial 55.4% increase in realized arrear dues, amounting to Rs 5,268 crore, compared to Rs 3,390 crore in 2022-23.

Moreover, the organization processed 7.8% more claims this year, settling 4.45 crore claims against 4.12 crore in the previous fiscal year. These figures were part of the annual report reviewed during the Executive Committee meeting held on Friday, under the chairmanship of Sumita Dawra, Secretary (Labour & Employment).

The meeting also cleared the backlog of annual accounts for the years 2021-22 and 2022-23, with directives issued to ensure timely preparation of the 2023-24 accounts. To streamline this process, the Committee approved the engagement of two Chartered Accountant firms to handle the preparation of annual financial statements, aiming for greater efficiency and professionalism.

In a compassionate move, the draft New Compassionate Appointment Policy, 2024, was considered to support the dependents of deceased EPFO employees, particularly those impacted by the Covid-19 pandemic.

The agenda also included discussions on IT enhancements, administrative reforms, and other governance-related proposals. Key reforms highlighted include the relaxation of criteria for auto-settlement of claims, improvements in the IT infrastructure, and steps towards centralizing pension payments.

The Executive Committee's efforts underscore EPFO's commitment to transparency, efficiency, and the welfare of its members, reflecting the broader economic recovery and growth in India.