EPFO settled 1.18 crore claims in FY16

At the end of the fiscal, 39% of the claims settled within 3 days, 79% within 10 days and 96% within 20 days, says EPFO

Photo: Bloomberg
Photo: Bloomberg

New Delhi: Employees’ Provident Fund Organisation (EPFO) settled 1.18 crore claims including provident fund withdrawals last fiscal ended 31 March, of which 96% 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,” EPFO said in a statement. It redressed 22,925 grievances during the month settling 95% of the grievances, leaving 1,280 grievances pending at the end of the financial year 2015-16. About 72% 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 10 February 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.