New Delhi: Retirement fund body EPFO is planning to settle all claims like transfer and withdrawal of provident fund within three days, a move that will benefit over one crore such claimants every year. Know your EPFO status with just a click
In order to give effect to the proposal of expeditious settlement of claims, Employees' Provident Fund Organization (EPFO) has called a meeting of all zonal heads on July 5, to draw an action plan.
The body is expecting 1.2 crore claims in the current fiscal and hopes that if around 70 per cent of those are settled in three days, then about 84 lakh claimants would be benefited. Quick settlement of claims, EPFO said in an officer order, "was necessary to improve the image of the organization."
EPFO has already launched a Pendency Clearance Drive to settle all claims received before June 15 this year. As many as 5,38,704 claims were pending as on June 11 this year.
"...in 2012-13, the body has settled 1.08 crore claims, out of which 12.62 lakh claimants were dissatisfied as their claims were not settled within 30 days. Moreover 1.41 lakh claims not settled even after 90 days has brought down the image of the EPFO amongst our members," the order stated.
It further said, "..cutomers expect change in the mindset from 30 days (maximum period for settlement of claims) to at least three days in computerised era for withdrawing their own money."
The body is also in the process of introducing a facility where claimants would be able to apply online for transfer and withdrawal of their PF from July 1. EPFO is setting up a central clearance house which will be operational on July 1. This will enable subscribers to apply online for settlement of withdrawal and transfer of funds claims.
The new facility will also enable subscribes to track online the status of their applications for transfer and withdrawals. Under the new system, the onus of verifying the details of the PF account from previous employers would be on the EPFO.
At present, employees have to get their applications verified from their employers for settlement of claims. The body is managing a corpus of around Rs five lakh crore with a subscribers' base of over five crore.
EPFO apex decision making board of trustees reconstituted
Retirement fund body EPFO today announced reconstitution of its apex decision making body, the Central Board of Trustees, headed by the Labour Minister. According to an official notification, the nine employees' representatives on board will be: A D Nagpal (HMS), A K Padmanabhan (CITU), M Jagadishwar Rao (BMS), Virjesh Upadhyay (BMS), Prabhakar J Banasure (BMS), Sankar Saha (AIUTUC), G Sanjeeva Reddy (INTUC), Ashok Singh (INTUC), Raman Pandey (INTUC).
However there are 10 representatives of the employees on the board, but name of one member has not been notified by the Labour Ministry as yet. The 10 employers' representatives on board are: J P Chaudhary, Ram S Taneja, Sharad S Patil, U D Choubey, G P Srivastava, S Sen, B P Pant, Badish Jindal, Ravi Wig and S S Patil.
The board comprises 43 members headed by the Labour Minister. It includes 15 representative from the different state labour departments. The Minister of State for Labour holds the position of Vice-Chairman of the CBT.
The other members include Labour Secretary, Additional Labour Secretary, Joint Secretary or Director Social Security Division, a representative from Finance Ministry and Financial Advisor to Labour Ministry.
New Delhi: Retirement fund body EPFO is planning to settle all claims like transfer and withdrawal of provident fund within three days, a move that will benefit over one crore such claimants every year.
Know your EPFO status with just a click