New Delhi, November 12, 2024.
The number of total claims settled by the retirement fund body Employees’ Provident Fund Organisation (EPFO) increased 7.8 per cent year-on-year to 4.45 crore in 2023-24 from 4.13 crore in the previous year, as per the latest data shared by the Ministry of Labour and Employment on Sunday. The number of contributing members under the EPFO have also increased 7.6 per cent to 7.37 crore in 2023-24 from 6.85 crore in the previous year, while the number of contributing establishments under the EPFO have increased by 6.6 per cent to 7.66 lakh in 2023-24 from 7.18 lakh, the data showed.
The total claims of 4.45 crore settled by the EPFO includes all claims for final provident fund settlement, PF transfer, part withdrawal, pension, pension withdrawal and Employees’ Deposit-Linked Insurance Scheme (EDLI). This was accompanied by an increase of 55.4 per cent in realisation of arrear dues by the EPFO from the contributing organisations to Rs 5,268 crore from Rs 3,390 crore in the previous year.
The latest numbers were presented during the 109th meeting of the Executive Committee, Central Board of the retirement fund body chaired by Labour Secretary Sumita Dawra on November 8 where the Annual Report for the year 2023-24 was taken up for discussion. The meeting of the Executive Committee last week came ahead of the meeting of the Central Board of Trustees of the EPFO on November 23 and the 72nd EPFO Foundation Day on November 15. The annual report for 2023-24 will be taken up for discussion in the upcoming CBT meeting along with discussion on pension, centralised pension payment and audited accounts for 2021-22 and 2022-23.