The Employees’ Provident Fund Organisation (EPFO) has asked for Revised Estimates for the year 2023-24 and Budget Estimates for the year 2024-25 in respect of Employees’ Provident Funds Scheme, 1952 (including Employees’ Pension Scheme, 1995) and Employees’ Deposit-Linked Insurance Scheme, 1976 from the Zonal Offices.
The EPFO circular reads, “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 may not be treated as mere routine exercise and it should receive the personal attention of the Additional CPFC of the Zone and RPFC in charge of the Regional Office for its correctness and timely submission”, the circular added.
“On the part of the RPFC, it should be treated as a vital function and the RPFC should devote personal attention to assisting the Addl. CPFC is in charge of the Zone. Zonal Offices may frame the BERE with due care as per provisions in GFRs after assessing the actual needs of the regions, It has been observed that in the last few years, RE was more than BE but the actual expenditure was even less than the BE for some regions”, it added.
“Therefore, due care may be taken while submitting the estimates to Head Office. Further, RE may be projected in such a manner as to obviate the need for re-appropriation in the last quarter of the financial year”, the circular read. The official circular can be read here.