EPFO: A good sign for the Indian economy. Significant growth was seen in the number of contributors to EPFO during the financial year 2023-24. PF is always a reliable source of investment for employees. This can help employees financially after retirement.
Data released by the Ministry of Labor
According to these data released by the Ministry of Labor, the number of contributors to EPFO has increased by 7.6 percent in the financial year 2023-24. These figures show that employment and number of businesses in the formal sector are increasing in India, which provides better living standards to the employees.
The number of claims settled has also increase
The recovery of EPFO’s dues also saw an increase of 55.4 per cent to Rs 5,268 crore from Rs 3,390 crore in the previous year. The number of claims settled has also increased by 7.8 per cent from 4.12 crore to 4.45 crore as compared to the previous year. 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 several EPFO employees who unfortunately died in the line of service, many of whom died during the Covid pandemic.
EPFO firms rose 6.6% on year in FY24, members up 7.6% to 74 mnhttps://t.co/z9miWX8c2K
via NaMo App pic.twitter.com/ezHJYzl9FI
— Dr Mansukh Mandaviya (@mansukhmandviya) November 11, 2024
Better governance in EPFO
Apart from this, the Executive Committee discussed IT, administrative, financial and other related aspects for better governance in EPFO. For EPS pension payment, the government is working on bringing a new centralized pension payment system.