India’s Employee Provident Fund Organization (EPFO) reported a record 19.50 lakh net addition of members in May 2024, driven by factors like rising employment opportunities, increased awareness, and EPFO’s outreach programs. This marks the highest growth since April 2018 and signifies a strong indication of a growing workforce and financial security consciousness among Indian citizens.
In the past two years, 27 companies have surrendered their EPFO exemptions, contributing ₹1688.82 crore and 30,000 employees to the provident fund. This trend is attributed to EPFO’s improved services, including faster claims processing, higher settlement rates, and a robust monitoring system, making it a more attractive option for businesses. The government is also implementing a new software and portal to simplify the exemption surrender process.
The Union Public Service Commission (UPSC) has announced the exam schedule for the recruitment to 323 vacancies for the post of Personal Assistant in the Employees’ Provident Fund Organization (EPFO), Ministry of Labour & Employment. The exam will be held on July 7, 2024, from 09:30 AM to 11:30 AM.
The Employees’ Provident Fund Organisation (EPFO) has announced a new concession to simplify the processing of physical claims in cases where Aadhaar details cannot be updated due to challenges faced by field offices. This change is aimed at addressing difficulties encountered in rectifying or updating Aadhaar details following a member’s death.
The Employees’ Provident Fund Organization (EPFO) has launched an automated system for settling advance claims related to education, marriage, and housing. This automated system eliminates the need for manual intervention and significantly speeds up the claim settlement process. EPFO aims to benefit lakhs of members through this initiative by providing timely access to funds for their educational, marital, or housing needs.
