EPFO Members increased: In India, the number of members contributing to the Employees Provident Fund Organization (EPFO) is increasing. This is an indication that the number of employment and business in the formal sector is increasing in the country. In the financial year 2023-24, the number of members in EPFO ​​has increased by 7.6 percent to 7.37 crores, whereas in the financial year 2022-23 it was at 6.85 crore members. The Ministry of Labor has shared this information and figures. 

The number of contributing institutions increased by 6.6 percent to 7.66 lakh

During this period, the number of contributing institutions has increased by 6.6 percent to 7.66 lakh. The increasing number of EPFO ​​members and institutions shows that better living standards are being provided to the employees in the organized sector, due to which their number is increasing. All these figures have been received under the annual report of the year 2023-24 on the functioning of EPFO.  

Know some important decisions of the executive committee meeting here

Several tasks, goals and issues were discussed in the executive committee meeting chaired by Labour and Employment Secretary Sumita Dawra this Friday.

• Union Labour and Employment Minister Dr. Mansukh Mandaviya on Friday announced the success of the pilot run of the new Centralised Pension Payment System (CPPS) under the Employees' Pension Scheme (EPS)-1995 with the aim of expanding pension services. 
• The Executive Committee also discussed the draft of the new Compassionate Appointment Policy 2024, which aims to provide relief to the dependents and children of EPFO ​​​​employees. For employees who unfortunately died during service and many of whom died during the Covid pandemic, the means 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 bringing a new centralized pension payment system for EPS pension payment.

There has also been an increase in the recovery of EPFO ​​dues

There has been a 55.4 percent increase in the recovery of EPFO's outstanding amount and it has increased to Rs 5268 crore. Last year it was 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 at 4.12 crore, which means the claim settlement process has also been expedited.