Jammu, Apr 07: Employees’ Provident Fund Organisation (EPFO) Jammu on Friday said it attained a milestone average income of Rs 75 lakh per month in its administrative account during the financial year 2022-23 from Rs 57 lakhs in 2020-21, a growth of 31.6 percent.
The EPFO Jammu in a statement said that flexible hour working helped it to manage the work of claim settlement and other activities, besides inherent constraints, within limited resources.
“The highest-ever income of Rs 84 lakhs was recorded in the Administrative Account in March 2023,” it said, adding that the Return-Rejection Ratio for Regional Office, Kashmir was maintained lowest in March 2023 – brought down to 11 percent in March 23 from 36 percent erstwhile – during the year.
Consistent efforts were made to ensure that the corpus of the Administrative Account (Account No-2) remains in a healthy position and keeps growing on a regular basis. In this direction, Regional Office Jammu has undertaken various initiatives to augment the fund of EPF Account No. 02 which include conducting seminars and awareness programmes by organizing camps like the Nidhi Aapke Nikat 2.0 program at different locations.
Consistent communications were made for remittances of outstanding dues by many defaulting establishments which included regular follow-ups with establishments through emails and phone calls, providing handholding support to the establishment to file ECRs and payment of challan, and regular monitoring of the payment position of the establishments.
“All these measures have resulted in significant increment receipts in EPF Account No.02 achieved a milestone of the average income of Rs 75 lakh per month in its administrative account during the financial year 2022-23 in comparison to the same being at Rs 57 lakh per month in the year 2020-21 and Rs 68 lakh per month in the year 2021-22,” the statement said.
Overall growth in the year 2022-23 is Rs 18 lakhs (31.60 %) as compared to 2020-21 which is the landmark achievement for EPFO Regional Office Jammu, the statement said, adding, “This has not only ensured growth in income of EPFO but also indicates growth in coverage of establishments under the EPF&MP Act, 1952 and increase in the membership while ensuring timely payment of PF contributions in members’ account.”
