EPFO Allocates ₹13.10 Crore For Employee Welfare In 2024-25
The total budget earmarked for these welfare initiatives amounts to ₹13.10 crore, of which ₹74.37 lakh is designated for holiday homes alone
The Employees' Provident Fund Organisation (EPFO) has released a circular detailing the allocation of funds for employee welfare activities for the 2024-25 fiscal year.
The total budget earmarked for these welfare initiatives amounts to ₹13.10 crore, of which ₹74.37 lakh is designated for holiday homes alone. The remaining budget of ₹12.35 crore includes ₹2 crore reserved for a central pool death relief fund, according to the circular.
EPFO, which employs 15,529 individuals across 145 offices, noted that 9,465 employees are aged between 40-60, while 6,064 employees are younger than 40.
The welfare budget also allocates ₹94.25 lakh for scholarships and ₹1.88 crore for other activities. Medical check-ups for employees over 40 have a provision of ₹3.97 crore, while ₹1.27 crore is set aside for employees under 40.
Additional allocations include ₹1.26 crore for mementos across all offices, ₹29 lakh for cultural events, and ₹61 lakh for canteen expenses.
The circular emphasises that these welfare funds are to be distributed to regional offices under the supervision of presidents of regional staff welfare committees. The funds are strictly designated for approved activities discussed in CSWC meetings.
In a related development, EPFO has also created a ₹2 crore central pool death relief fund. In the event of an employee’s death, regional welfare committee presidents are required to submit necessary documents for approval by the EPF Central Staff Welfare Committee.
Separately, EPFO announced a significant rule change effective 1 April this year. When an employee switches jobs, their previous Provident Fund (PF) balance will now automatically transfer to the new employer. This removes the need for manual transfer requests, simplifying the process for EPFO account holders.
