EPFO wants default on PF remittance under economic offences

Retirement fund body EPFO wants defaults on PF remittance by companies to come under economic offences, a top official said today.

"This (default in PF remittance) is one of the most serious economic offences and we are in talks with the Economic Offences Wing to include it in the list of economic offences so that defaulting companies face severe consequences..", EPFO's Central Provident Fund Commissioner K K Jalan said at a conference organised by ASSOCHAM here.

He also said EPFO is planning to clear 90 per cent of claims withing 15 days of filing, instead of the present 3-day period.

Employees Provident Fund Organisation (EPFO) is aiming to achieve this November 30, 2013.

"The number of claims is humongous, to the tune of about 1.2 crore claims a year and more than 80 per cent of this we are clearing within 30 days. This year we will reduce the 30 day deadline to 15 per cent..", he said.

He said the EPFO had proposed an amendment to the EPF Act for having multiple tribunals as a few members had complained about having one EPF tribunal only.

"As such we have proposed that we should have multiple tribunals as there should be tribunal in every region or every zone so that cases are resolved much quicker..", he said.