The Employees’ Provident Fund Organisation (EPFO) has added 55 lakh subscribers, reaching a total of 7.37 crore subscribers in the financial year (FY) 2023-24, marking a 7.6 per cent growth year-over-year. Additionally, the number of establishments registered with EPFO increased to 7.66 lakh from 7.18 lakh, reflecting a 6.6 per cent rise.

During the recent meeting of the Executive Committee on November 8, 2024, in Delhi, the labour secretary and chairperson of the Executive Committee, Central Board of Trustees (CBT), reviewed EPFO’s annual report for FY 2023-24 and assessed its progress. According to the Ministry of Labour’s notification, there was a 7.8 per cent increase in claims settled during FY 2023-24, with 4.45 crore claims settled compared to 4.13 crore in the previous year. Furthermore, the committee noted a significant improvement in the recovery of arrears, which rose from Rs 3,390 crore in the previous year to Rs 5,268 crore, reflecting a 55.4 per cent year-over-year increase.

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EPFO is one of the widely penetrated social security schemes in India and has the Central Board of Trustees (CBT) and the Executive committee to administer the scheme. The CBT is responsible for making key decisions for EPFO and is reconstituted every five years. The Executive Committee, a statutory body under the EPF Act 1952, assists the CBT with administrative matters. The meeting on November 8, 2024, was the first with the newly reconstituted Executive Committee, following its reformation on September 27, 2024.

EPFO has been grappling with issues such as outdated IT infrastructure, slow operational procedures, and increasing complaints from users. These challenges along with the EPFO’s annual report were thoroughly discussed in the meeting, and several key decisions were made to address these concerns.

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Other Key Points Deliberated In The Meeting:

• A decision was taken to draft a ‘New Compassionate Appointment Policy, 2024’ for the dependents of those EPF members who died in harness during the pandemic.  

• Proposals discussed regarding information technology, administrative, operational, and other aspects for better management of the scheme.

• Discussion was held to improve the processes and make claim settlement easier for members. 

• Timelines were considered for the completion of its IT system overhauling. Though the system has updated software, it needs close monitoring at the ground level for successful implementation.

• A decision was taken to hold a monthly meeting to regularly review the development and to streamline the progress with a focus on systemic improvements.