EPFO Directed zonal offices to prepare budgets for EPF & EPS
"The budgetary exercise should not be treated as a routine exercise," the circular continued, "and it should receive the personal attention of the Additional CPFC of the Zone and the RPFC in charge of the Regional Office for its correctness and timely submission."
EPFO Directed zonal offices to prepare budgets for EPF & EPS under EPF&MP Act 1052.
The Employees’ Provident Fund Organization (EPFO) provides and manages the world’s largest social security system for industrial workers in India, including supporting EPF, EPS, and EDLI Schemes. The EPFO directs zonal offices to create budgets for prescribed schemes.
The Employees’ Provident Fund Organisation (EPFO) has requested Revised Estimates for the fiscal year 2023-24 and Budget Estimates for the fiscal year 2024-25 for the Employees’ Provident Funds Scheme, 1952 (including Employees’ Pension Scheme, 1995) and Employees’ Deposit-Linked Insurance Scheme, 1976 from the Zonal Offices.
According to the EPFO circular, “In accordance with the provisions regarding budget contained in Para 58 of the EPF Scheme 1952, on probable receipts and expenditure relating to the Administration of the Funds, the Revised Estimates for the year 2023-24 and the Budget Estimates for the year 2024 -25 of the Employees’ Provident Fund Organization, based on the actual Income & Expenditure up to 30th September 2023 (i.e. from 01.04.2023 to 30.09.2023) are to be prepared and placed before the Central Board of Trustees, EPF for consideration and approval in this financial year.”
“The budgetary exercise should not be treated as a routine exercise,” the circular continued, “and it should receive the personal attention of the Additional CPFC of the Zone and the RPFC in charge of the Regional Office for its correctness and timely submission.”
“It should be treated as a vital function by the RPFC, and the RPFC should devote personal attention to assisting the Addl.” The Zone is overseen by CPFC. After assessing the actual needs of the areas, Zonal Offices may frame the BERE with due care in accordance with GFR provisions. “It has been observed that in the last few years, RE was more than BE, but the actual expenditure was even less than BE for some regions,” it says.
“As a result, caution should be exercised when submitting estimates to Head Office.” Furthermore, RE may be projected in such a way as to avoid the requirement for re-appropriation in the final quarter of the fiscal year,” according to the circular.
The formal circular is available here.
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