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Provident fund claims are set to get settled faster. Employees' Provident Fund Organisation (EFPO) has reduced the time period for settlement to 20 days, from the earlier mandated period of 30 days.
"The government of India brought out amendments to Employees' Provident Fund, Scheme, Employees' Pension Scheme and Employees' Deposit-linked Insurance Scheme and thereby reduced the periodicity of settlement of PF, Pension and Insurance claims from existing 30 days to 20 days," said a notification from the
provident fund body.
The reduced settlement period facility will also be applicable for subscribers of Employees' Pension Scheme and Employees' Deposit-linked Insurance Scheme.
The provident fund body has been trying to speed up the process of claim settlement and last year it had asked its field offices to make an attempt to settle all claims within 20 days instead of 30 days.
It had also asked the field offices to notify applicants if their claim settlement got delayed beyond 30 days.
Latest data from EPFO shows that it settled about 11 lakh claims like provident fund withdrawals in June, with 38 per cent of them settled within three days. (With inputs from PTI)
Story first published on. July 15, 2015 18:03 (IST)Source: profit.ndtv.com