EPFO to spend ₹13 crore on welfare of its employees with ₹74 lakh allocated to holiday homes

The Employees Provident Fund Organisation (EPFO) has issued a circular detailing allotment of funds for the year 2024-25 towards welfare activities. The total budget for the year is 13.10 crore, out of which 74.37 lakh belong to holiday homes

MintGenie Team
Published20 Sep 2024, 03:52 PM IST
The budget also includes  <span class='webrupee'>₹</span>2 crore as central pool towards death relief fund
The budget also includes ₹2 crore as central pool towards death relief fund

The Employees Provident Fund Organisation (EPFO) has issued a circular highlighting the allotment of funds for the year 2024-25 towards welfare activities of employees.

The total budget for welfare activities, reads the circular, is 13.10 crore — out of which 74.37 lakh belong to the holiday homes alone.

Excluding the budget for holiday homes, the remainder of the budget amounts to 12.35 crore, which includes 2 crore as central pool (death relief fund), revealed the data in the circular.

The circular mentions that the EPFO has a total of 15,529 employees across 145 offices. The employees aged between 40-60 are 9,465 and the employees younger than 40 are 6,064.

Also Read | EPFO alert! How to avoid, deal with rejections, delays

The total budget includes 94.25 lakh towards scholarship whereas 1.88 crore towards other activities fund.

The welfare fund allocated for OA-medical checkup comprises 3.97 crore on employees over 40 and 1.27 crore towards employees who are less than 40 years.

The organisation has allocated 1.26 crore on mementos across all 145 offices, and 29 lakh on cultural meets, and another 61 lakh on canteen.

The circular mentions that the welfare fund is allocated to the presidents, regional staff welfare committees who will ensure appropriate allocation of funds to the regional officers under the jurisdiction.

Also Read | EPFO pays ₹57,316 crore in Q1 to settle 1.36 crore claims, enrollments rise

It also says that a central pool of 2 crore has been created for the death relief fund. In case of employee death, all the presidents (RSWCs) are requested to send relevant documents along with a proposal for approval by the CPFC/ the president, EPF Central Staff Welfare Committee (CSWC).

The circular also mentions that the funds allocated should be utilised only for the specific items that are approved in the CSWC meetings and not for other purposes.

Change of employer

Meanwhile, EPFO came up with a new rule starting April 1 this year under which when an individual changes jobs, their old Provident Fund (PF) balance will be automatically transferred to the new employer.

This eliminated the need for EPFO account holders to request PF transfers manually at the time of joining a new company.

Earlier, despite possessing a Universal Account Number (UAN), EPFO subscribers had to undergo the hassle of requesting PF transfers, which would no longer be required.

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First Published:20 Sep 2024, 03:52 PM IST
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