EPFO Crucial in Ensuring Social Security and Financial Stability for Millions: Minister

The Employees’ Provident Fund Organisation (EPFO) has played a pivotal role in providing social security and financial stability to millions of members across the country, Union Minister for Labour and Employment, Dr Mansukh Mandaviya, has stressed.

In his keynote address at an event in the national capital, Dr Mandaviya lauded the transformative journey of EPFO, underscoring its critical role in managing a vast corpus of savings for its members and enhancing social security provisions across the nation.

The minister also stressed the importance of robust IT platform, efficient system for grievance management and the implementation of member centric model of service delivery.

Dr Mandaviya urged EPFO employees to embrace the organisation’s slogan, “Hum Hai Na”, reminding them daily of their duty to serve the people.

He emphasised that true service is measured by the impact employees make whether by assisting those in need or addressing issues.

The minister further encouraged to increase pension coverage with a focus on enhancing last mile delivery of services.

He called on EPFO’s officers and staff to uphold the highest standards of integrity, dedication, empathy and professionalism in their service to members.

“Continuous skill enhancement and capacity-building efforts within the organisation are paramount to adapting to evolving challenges and improving service delivery,” said the minister.

Meanwhile, the number of contributing members to the EPFO has risen by 7.6 per cent to 7.37 crore in 2023-24 from 6.85 crore in 202-2023 while the number of establishments making contributions to the organisation has risen by 6.6 per cent to 7.66 lakh during this period.

The EPFO also saw an increase of 55.4 per cent to Rs 5,268 crore in realising arrear dues compared to the corresponding figure of Rs 3,390 crore in 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 412.86 crore). The Executive Committee recommended the report for adoption to the Central Board, the press statement added.

(With inputs from IANS)