EPFO settles 12.28 lakh claims in Sept: Media Report

EPFO settles 12.28 lakh claims in Sept: Media Report
The EPFO has settled 12.28 lakh claims, including PF withdrawals, in September, out of which 74 per cent were settled within 10 days of filing claims with the retirement fund body, reported PTI.

"EPFO's Central Provident Fund Commissioner K K Jalan noted while reviewing the performance of the body that it has settled 12.28 lakh claims in the month of September," an official statement said.

Almost 74 per cent of claims settled in September were settled within 10 days filing of claims and almost 99 per cent within the mandated 30 days, it added.

The total number of claims settled in the current fiscal so far has risen to 66.11 lakh, it said.

The review revealed that the Employees' Provident Fund Organisation (EPFO) has updated 97.7 per cent of its accounts.

During the review it was found that the process of allocating Universal Account Number (UAN) and capturing the KYC details continued in full swing during the month.

As many as 3.67 crore Know-Your-Customer records have been collected by the end of September for seeding those with the the portable PF account numbers (UANs).

The EPFO has also started allotment of UAN to new employees coming under the purview of the EPF Act and schemes.

The New Fund Management System (NFMS), which was operational in Provident Fund and Pension Fund accounts, has been extended to the insurance funds also.

This will ensure that the funds are not left idle with the banker but are deployed for investment at the earliest, thereby fetching better returns.

EPFO disposed around 16,000 grievances in September and only around 4,600 grievances were pending. It was noted that 77 per cent of these grievances were pending for less than 15 days.

Read more about: epfo
Story first published: Friday, October 10, 2014, 9:20 [IST]
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