New Delhi – The PF is a safe investment for employed people, which gives them financial security in old age. Every month a part of your salary is deducted and goes into the PF account. The company contributes as much to your PF as you put in PF, on which the government also pays interest. The Employees’ Provident Fund Organization (EPFO) accounts for the PF of employees. According to the latest report, the number of members contributing to EPFO in the financial year 2023-24 has increased by 7.6 percent, which has increased to 7.37 crores. In the financial year 2022-23, the number of EPFO contributors was 6.85 crores. At the same time, the number of contributing institutions has increased by 6.6 percent to 7.66 lakhs.
What is the meaning of these figures
According to these figures released by the Ministry of Labor, the number of people contributing to EPFO in the financial year 2023-24 has increased by 7.6 percent. These figures show that the number of jobs and businesses in the formal sector is increasing in India, which provides a better standard of living to the employees.
Settlement of EPFO claims
Recovery of EPFO dues also saw a growth of 55.4 percent, rising to Rs 5,268 crore from Rs 3,390 crore last year. The number of claims settled has also increased by 7.8 percent from 4.12 crores to 4.45 crores as compared to last year.
Discussion on draft of Compassionate Appointment Policy, 2024
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 many EPFO employees who unfortunately died during service, many of whom died during the Kovid epidemic. Apart from this, the Executive Committee discussed IT, administrative, financial 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.
