Fintotal News Analysis | Employee Provident Fund (EPF) Claim Settlement Time Improving
Employee Provident Fund (EPF) Claim Settlement Time Improving
Ruby Jacob, 31 Jul 2013

Settlement of claims on time has been one of the big challenges for Employee Provident Fund Organization (EPFO). It took upon itself to make its services more customer-friendly a couple of months back. The efforts seem to be paying off well. Claim settlement time in a number of EPF offices has increased by more than 10%.

Each month EPFO receives some 12.74 lakh withdrawal and transfer claims for settlement. Claim settlement is handled by staff in the 120 regional offices of the Provident Fund Organization. EPFO's mandate is to clear a claim in 30 days. Some of you who have prior experience with PF claim know that this is truer on paper than in reality.

However records from the last one month show that less than 0.5% claims were pending beyond 30 days. 23 of its offices have achieved the milestone of settling 60% claims in 3 days.

EPFO is in the efforts of making its services available online to employees and employers. Presently one can submit PF transfer claim online, check provident fund claim status online and view EPF passbook online. As majority of its facilities go online, servicing time would come down sharply.

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