Economy

EPFO settles 118 lakh claims in FY16, 96% in 20 days

Retirement fund body EPFO has settled 118 lakh claims including PF withdrawals last fiscal ended March 31, of which 96 per cent were settled within the mandated period of 20 days.

“At the end of the financial year 2015-16, EPFO settled 118 lakh claims out of which 39 per cent were settled within 3 days, 79 per cent within 10 days and 96 per cent within 20 days,” the Employees’ Provident Fund Organisation (EPFO) said in a statement.

It redressed 22,925 grievances during the month settling 95 per cent of the grievances, leaving 1,280 grievances pending at the end of the financial year 2015-16.

About 72 per cent of the grievances are pending disposal for less than 7 days. A total of 2,21,624 grievances were redressed in 2015-16.

In order to widen the social security net, the government took a major decision to bring all banks under the ambit of EPF and MP Act, 1952 employing 20 or more persons, for those employees who are not entitled to the benefits of Contributory PF or old age pension in accordance with any scheme or rule framed by the Central or the state government or by the respective banks established under the Banking Regulations Act, 1949.

EPFO said that all such banks shall be covered under the Act with effect from February 10, 2016.

The issue of coverage of contract workers has been an area of top concern and priority for EPFO. Therefore, to streamline and facilitate the work of field offices, a software has been developed for the purpose. It will help EPFO to verify whether the particular contractor establishments are already registered or not and its compliance position.

To bring more and more construction workers under the ambit of the Act, the month of April, May and June 2016 shall be observed as “Compliance for Construction Workers” months.


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Printable version | Jul 30, 2021 11:45:04 PM | https://www.thehindu.com/business/Economy/epfo-settles-118-lakh-claims-in-fy16-96-in-20-days/article8466090.ece

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