New Delhi (11.11.2024): Secretary, Labour & Employment Sumita Dawra (IAS: 1991: AP) held the 109th meeting of Executive Committee of Central Board of Trustees, Employees’ Provident Fund Organization (EPF) as its chairperson in the presence Central PF Commissioner and Member-Secretary Ramesh Krishnamurthi. The key discussions included adopting EPFO reform agenda, annual accounts, policy on compassionate appointments, and the draft 71st Annual Report for CBT review, etc.
The Executive Committee is a statutory committee under the EPF Act, 1952 with the mandate of rendering assistance to the Central Board, EPF in the discharge of its functions. Several important and significant matters were before the Committee for deliberations, recommendations, and approvals.
The Audited Annual Accounts of EPFO for the years 2021-22 and 2022-23 were placed before the Committee for consideration of recommendation to the Board, thus ensuring that the backlog of annual account was cleared. The Committee gave directions that the audited accounts for the year 2023-24 should be prepared and presented in time. As an important initiative, the Executive Committee approved the hiring of two Chartered Accountant firms for the preparation of Annual Financial Statements of EPFO, and to facilitate the automation of the process of preparation of financial statements. This will ensure that the annual accounts are prepared timely, and bring in professionalism and latest practices in the process.
The Annual Report for the year 2023-24 on the functioning of EPFO was also considered by the Executive Committee. While deliberating on the Annual Report, the Committee noted the steady growth on key performance parameters of the organization. The number of contributing establishments grew at 6.6 per cent (7.66 lakhs from 7.18 lakhs) while the number of contributing members grew at 7.6 per cent (7.37 crore from 6.85 crore) over the previous year. The organization also saw an increase of 55.4 per cent in realizing arrear dues (Rs 5268 crore from 3390 crore) over the previous year. There was also an increase of 7.8 per cent in the number of claims settled over the previous year (4.45 crore from 4.13 crore). The Executive Committee recommended the report for adoption to the Central Board.
In another significant decision the Executive Committee also considered the draft New Compassionate Appointment Policy, 2024, with a goal to bring relief to the dependents and wards of many employees of EPFO, who had unfortunately died in harness, many of which had occurred during the Covid pandemic period.
Further, the Executive Committee deliberated several other proposals related to information technology, administrative, financial, and related aspects for good governance in EPFO. Reform agenda of EPFO was discussed at length. It was appreciated that EPFO has relaxed the criteria for auto-settlement of claims with respect to the ceiling as well as the categories of admissible grounds for claim. Other reforms related to streamlining processes, making it easier for members to get their claims processed were also taken up.
