EPFO settles 1.1 cr claims till Feb end, 97% within 10 days

Tags: News
Retirement fund body EPFO settled over 1.1 crore claims, including those of withdrawal and transfer of provident fund, in this fiscal till February end, and of these, 97 per cent cases were settled within 10 days.

"31 per cent of the total claims are settled in 3 days while 66 per cent of the total settlement is within 10 days," an official statement said.

The latest review of Employees' Provident Fund Organisation (EPFO) revealed that it settled more than 1.1 crore claims in the current fiscal till February end, the release said.

EPFO settled 8 lakh claims in February alone. As many as 17 field offices are settling 80 per cent of the claims within 3 days of receipt and 47 offices are settling 80 per cent of the claims within 10 days of receipt.

However, the Employees' Provident Fund Scheme mandates settling of claims within 30 days of making application.

The grievance redressal machinery of EPFO also ensured disposal of 15,206 grievances in February. However, 4,687 grievances were pending as on date, it stated.

During the review EPFO's Central Provident Fund Commissioner K K Jalan noted that as the Organisation would soon roll out universal (permanent) account numbers for its members, employers should be encouraged to transfer their accounts on change in job/location to facilitate continued membership and better benefits.

It is also decided during the review meeting that the annual accounts for 2013-14 would be updated by June 30, 2014.

The New Fund Management System (NFMS) which ensures daily transfer of all balances in EPF contribution accounts to EPF investment accounts, applicable till now to PF and Pension Fund accounts has been extended to Insurance Fund Account also.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • But what’s the big deal about Modi’s first hundred days?

    That Indians believe more in symbolism than substance is a fact that is well acknowledged and chronicled.

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Urs Schöttli

West Asia turmoil worries east Asia

From Beijing to Jakarta, from Manila to Tokyo, east Asian ...

Purnendu Ghosh

Memory is a collage of the old and new

We are all fitted with pressure valves. Some of us ...

Shona Adhikari

The enduring legacy of <em>The Last Supper</em>

This week’s column features a work of art that is ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture