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Money Aug 23, 2013

EPFO settles over 96% claims filed in Apr-Jul

New Delhi: Retirement fund body EPFO has settled 96.11 percent of the claims filed during April-July this year within the mandated 30 days period as per their citizen charter.

A review of the performance of Employees' provident Fund Organisation (EPFO), revealed that the proportion of claims settled within the 30 days period has increased from 88 percent in the entire 2012-13 to 96.11 percent April-July this year.

Managing provident fund. Andrew Middleton/Flickr

Managing provident fund. Andrew Middleton/Flickr

The review conducted by the EPFO's Central Provident Fund Commissioner KK Jalan also revealed that in the month of July alone, 10.83 lakh claims were settled and out of that 10.66 lakh claims were settled within 30 days. Thus, 98.43 percent claims in July were settled within 30 days.

In a bid to reduce the time consumed in the settlement of claims, EPFO has also planned to launch facility of online settlement of transfer of PF accounts on changing jobs in the next weeks. This would benefit over 13 lakh such applicants every year.

Besides, EPFO disposed 20,668 grievances in the month of July this year as compared to 13,414, which was the average for the preceding three months.

"The grievances are being accorded the top-most priority and appropriate instructions are issued to all filed formations. The Internet-enabled EPF grievances management system has also been reactivated and about 96 per cent of the grievances registered through the portal have been disposed," said Jalan.

It was also found that the number of contributing subscribers of the EPFO (or live accounts) crossed the four-crore mark on 17 August this year. The total number of PF accounts managed by the body, including dead accounts, are around 9 crore.

Jalan also stated that the number of firms or establishments covered under EPF scheme, contributing and filing their returns through electronic system has increased to four lakh.

There are over seven lakh establishments which are covered under the scheme. The e-filing of PF returns by firms helps in speedy updation of members accounts.

EPFO has distributed pension to more than 44 lakh pensioners in July.


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