EPFO wants to settle PF claims in three days
Moneylife Digital Team 19 June 2013
EPFO is also introducing a facility where claimants would be able to apply online for transfer and withdrawal of their PF from 1st July
Employees’ Provident Fund Organisation (EPFO) is planning to claims like transfer and withdrawal of provident fund within three days. The move from the retirement fund body will benefit over one crore such claimants every year.
EPFO, in order to give effect to the proposal of expeditious settlement of claims has called a meeting of all zonal heads on 5th July.
Quick settlement of claims, EPFO said in an officer order, “was necessary to improve the image of the organisation.”
The body is expecting 1.2 crore claims in the current fiscal and hopes that if around 70% of those are settled in three days, then about 84 lakh claimants would be benefited.
EPFO has already launched a pendency clearance drive to settle all claims received before 15th June this year. As many as 5.38 lakh claims were pending as on 11 June 2013.
“ ...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, “...customers 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.”
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.
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