EPFO settles 98% claims in mandated 30 days in April

During the EPFO review, Jalan noted that the retirement fund body has created a record by updating half of the total annual accounts in the first month itself

Retirement fund body Employees' Provident Fund Organisation (EPFO) today said it has settled 98% claims including withdrawal and transfer of PF within mandated 30 days period in April.

"In the claims settlement area also there has been a consistently good performance shown by the organisation and 98% of the claims are being settled within the mandated 30 days deadline," an EPFO press release said.

According to the statement, almost 38% claims were settled in 3 days time and 38 offices out of 120 field offices of EPFO settled more than 75% of the claims in three days.

The statement issued after the EPFO's performance review for the month of April by Central Provident Fund Commissioner K K Jalan revealed that the rate of return or rejection of claims has come down to 11% in April from 18% recorded in 2013-14.

During the review, Jalan noted that EPFO has created a record by updating half of the total annual accounts in the first month itself.

EPFO's 7 field offices including in Akola, Sholapur, Varanasi, Kolhapur, Thane, Pune and Warangal have completely liquidated their annual accounts pendency for the year 2013-14 and 42 offices have less than 25% of the annual accounts updation workload pending.

During the month under review, EPFO received Rs 6,299 crore as contribution by members towards various social security schemes run by the body.

In April, EPFO resolved 14,365 public grievances and around 5,000 complaints are pending. Besides as many as 68% of the grievances were pending for less than 15 days.