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  Business   Economy  15 Jun 2017  EPFO slashes claim settlement period

EPFO slashes claim settlement period

Published : Jun 15, 2017, 5:22 pm IST
Updated : Jun 15, 2017, 5:22 pm IST

EPFO also reduced the grievance redressal period to 15 days from 20 days.

Representational Image.
 Representational Image.

Mumbai: With the view to ease the claim settlement process for subscribers, Employees' Provident Fund Organisation (EPFO) has reduced the settlement period to 10 days from 20 days.

EPFO also reduced the grievance redressal period to 15 days from 20 days. "The claim settlement period has been reduced to 10 days from 20 days and grievance redressal period is reduced to 15 days from 20 days," read the EPFO statement.

The retirement fund body has been taking a lot of steps off late, to address issues faced by subscribers. Recently, EPFO mandated the quoting of Aadhaar for all new members who join the Employees’ Provision Scheme, 1995, with effect from July 1, 2017 (except in North East states, where it will be implemented from October 1, 2017).

With the objective of making a "transparent and electronic case management system" for all stakeholders, including employers, employees, litigants and CBT (Central Board of Trustees), EPFO launched its e-court Management System on May 16, 2017. "All paper/evidence/documents can be filed online and the status can also be viewed online," it said. In an earlier statement the Labour Ministry had said “It is a step towards paperless court system wherein court procedure of EPF & MP Act, 1952 and EPFAT will take place in a digital environment".

In a note of caution to establishments exempted from the EPF Act, 1952, EPFO said non-filing of returns for three consecutive months shall result in cancellation of exemption granted to the establishment.  It also released a new software to keep a tab on the performance of exempted bodies.

EPFO will facilitate quick transfer of funds and easier tracking by paying beneficiaries through electronic or digital fund transfer system. This move is likely to benefit 4.5 crores EPF subscribers and around than 54 lakh pensioners. This move came after the Labour Ministry made amendments to the social security schemes  run by EPFO.

EPFO is also set to invest Rs. 20,000 crore in exchange traded funds this fiscal, Union Minister Bandaru Dattatreya had said earlier. The Finance Ministry designed a new investment pattern for EPFO, allowing it to invest a minimum of 5 per cent and up to 15 per cent of its funds in equity or equity-related schemes. In the first year (2015-16), Rs. 6,577 crore was invested in ETFs, while in 2016-17, it invested Rs. 14,982 crore. 

Tags: epfo, epf scheme, pensioners, epf subscribers, aadhaar
Location: India, Maharashtra, Mumbai (Bombay)