EPFO to launch software to monitor Pvt PF trusts on Sunday

Tags: EPFO, News
Retirement fund manager EPFO will launch a software on Sunday to monitor over 2,700 Private Provident Fund Trusts regulated by it so as to improve the delivery of services.

"Employees' Provident Fund Organisation would be launching the software to monitor exempted establishments on January 12," EPFO's Central Provident Fund Commissioner K K Jalan said in a statement.

The second Conference of exempted establishments (private PF trust) held in Delhi resulted in much better interaction with the representatives of these firms, he said.

These Private Provident Fund Trusts are those firms which manage their workers' PF account and funds themselves, and are governed by the Employees Provident Fund Scheme 1952, regulated by EPFO.

Besides, the statement said EPFO has settled more than 95 per cent of the claims in 20 days during the month of December as compared to the statutory limit of 30 days and out of these, 30 per cent claims were settled in just three days.

The EPFO's offices of Ujjain, Vapi, Sagar, Jabalpur, Gwalior, Siddepet, Agra, Udaipur and Luxmi Nagar settle 90 per cent of claims within three days.

According to the statement, the monthly pension to the 44 lakhs pensioners of EPFO was sent by the 123 offices on the last day of the month (December) and most of it was credited by the bank in accounts of beneficiaries on January 1 and 2.

EPFO has improved as far as grievance redressal is concerned as the 117 field offices of EPFO out of 123, did not have grievance pending for more than a month. Further, 101 offices out of these 117 do not have grievance pending for more than 15 days.

Jalan assured that the branches of State Bank of India will now give the receipt of the cheques or other instruments presented for depositing PF returns, so that any delay on the part of the branches to account for these instruments will not result into penalty on the establishments.

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