EPFO settles 11.94 lakh claims in June this year

Retirement fund body Employees' Provident Fund Organisation (EPFO) settled 11.94 lakh claims last month, with 34% of these being settled within three days.

"EPFO has settled 11.94 lakh claim in the month of June 2014 and 34% of these claims were settled within three days and 67% within 10 days," said an EPFO statement after a review meeting held by the Central Provident Fund Commissioner K K Jalan.

According to the statement, EPFO showed a stellar performance in the grievance redressal area, and by the month (June) end only 4,450 grievances were pending and more than 100 offices of EPFO have been able to report nil pendency of grievances beyond 15 days.

In order to further improve the performance of the grievance handling system, a national level committee has been constituted for overall monitoring of disposal of grievances.

It was also noted in the review meeting that in June, as much as Rs 6,497 crore was received by EPFO as contribution by subscribers towards social security schemes run by it.

The EPFO's Executive Committee has recently deliberated on the allotment of Universal Account Number (UAN) for EPFO members and seeding of the said UAN with details and information from Aadhar/NPR/Core Banking Accounting Number/ KYC details available with banks.

It was stated at the meeting that such integration would help EPFO in better identification of its members, thereby resulting in better delivery of services. EPFO has planned providing UAN to its over five crore subscribers by October.

In yet another major decision, the Institute of Charted Accountant of India, Accounting Research Foundation (ICAI, ARF) has been engaged as a consultant for facilitating double entry accounting system in the EPFO.

The report of ICAI, ARF has been considered by the Finance, Investment and Audit Committee of the EPFO and recommended for adoption.

EPFO has planned to switch over to the modern double entry accounting system, that provides more clarity on receipts and outgo.