EPFO hastens pension claim settlement
Updated: May 22, 2014 05:30:14pm
New Delhi, May 22 (KNN) Retirement fund body, Employees' Provident Fund Organisation's (EPFO) has asked its field offices for faster settlement of all claims including PF withdrawal and pension, within 20 days and also watch the reasons for return or rejection of claims followed by counselling the firms to submit the duly complete claims.
"Central Provident Fund Commissioner (of EPFO) directed that from the current financial year 2014-15 the norms for claims settlement shall be settlement of all claims within 20 days," stated a recent performance review of the EPFO by its Central Provident Fund Commissioner K K Jalan.
Jalan specifically referred to the need to ensure faster settlement of pension claims, reports media.
CPFC further pointed that there are complaints that claims received by the EPFO offices are not entered in the system immediately and no acknowledgement is being issued to the claimant. The deficient claims are being returned without even being entered into the system.
Jalan said that the return or rejection of claims and reasons thereof should be watched and the establishment should be counselled and advised to submit duly complete claims.
He said that if in spite of such advice some establishments (firms) continue to submit deficient claims, punitive action including levy of financial penalty can be considered.
It was also stated that the offices who are settling all claims within 10 days shall be graded as excellent.
EPFO had settled 1.21 crore subscribers' claims, including withdrawal and transfer of PF and pension applications, in 2013-14, which is 13 per cent more than in 2012-13. (KNN Bureau)
"Central Provident Fund Commissioner (of EPFO) directed that from the current financial year 2014-15 the norms for claims settlement shall be settlement of all claims within 20 days," stated a recent performance review of the EPFO by its Central Provident Fund Commissioner K K Jalan.
Jalan specifically referred to the need to ensure faster settlement of pension claims, reports media.
CPFC further pointed that there are complaints that claims received by the EPFO offices are not entered in the system immediately and no acknowledgement is being issued to the claimant. The deficient claims are being returned without even being entered into the system.
Jalan said that the return or rejection of claims and reasons thereof should be watched and the establishment should be counselled and advised to submit duly complete claims.
He said that if in spite of such advice some establishments (firms) continue to submit deficient claims, punitive action including levy of financial penalty can be considered.
It was also stated that the offices who are settling all claims within 10 days shall be graded as excellent.
EPFO had settled 1.21 crore subscribers' claims, including withdrawal and transfer of PF and pension applications, in 2013-14, which is 13 per cent more than in 2012-13. (KNN Bureau)
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