New Delhi, May 26 (KNN)  As many as three lakh units have closed down or become inoperative after receiving the provident fund code number but the data base has not been updated, according to the Labour Ministry.

Over the years, a number of establishments have closed down or become inoperative after getting PF code but they have not been marked as such in the establishment master record of the organisation.  “It is estimated that the number of such establishments would be more than 3 lakhs all over the country.
 
“Proper identification and marking would enable the organization to arrive at the correct workload and consequently enable better functioning of the compliance functions. This important task is expected to be completed in 2 months’ time.  Yet another important function in the area of compliance is the issue of code numbers to covered establishments,” Ministry of Labour and Employment said in a release.

It has been decided to introduce online registration of establishments to obviate delays in code number allotment and also to ensure transparency in the allotment process.

It was also stated that to assess the damages and penal interest on account of belated payment of PF dues by employers’ new software has been launched to identify such cases.

“This software will help in determining the dues in a short duration. CPFC stated that efforts are being made to reconcile international workers’ data with Foreign Residents’ Registration Office (FRRO),” added the release.

After settling as many as 1.23 crore claims during 2013-14, EPFO is incorporating measures to provide better services to pensioners by re-engineering the pension settlement process.

In order to provide better services to the over 44 lakh pensioners under EPS, it is decided to re-engineer the Pension settlement process. “The work in this regard has already commenced and the pension module is being developed and is expected to be launched by December 1, 2014,” the release added.

Digitisation of pension data is also contemplated in the coming months. Likewise, reconciliation of undisbursed pension amounts lying with banks is also expected to be done in next 3-4 months. 

EPFO is also enabling employers not having a bank account with SBI also to make payment of PF contributions online. This facility will be developed by September 30, 2014 so that employers can also make electronic payment of their dues online.
 
“Though at present, 94 per cent of benefits are delivered through e-payment, it is also decided to achieve 100 per cent e-payment of benefits to beneficiaries through NEFT and by adopting the corporate cheque payable at par module. This is expected to be implemented by September 2014,” the release said.

Another major item of work is the actuarial evaluation of EDLI (Employees Deposit Linked Insurance). It is being examined as to whether the benefits payable under the scheme can be revised based on such actuarial evaluation. The process has already been set into motion. 
 
EPFO has settled 1.23 crore claims in 2013-14, including provident fund withdrawals and transfers, with as many as 98 per cent of them concluded within the mandated 30 days.

According to a recent performance review of the EPFO by Central Provident Fund Commissioner K K Jalan, 66 per cent of the claims were settled in 10 days and 90 per cent within 20 days.
 
Jalan said that the benefits of computerization are gradually improving the service standards of EPFO and the members are being benefitted.
 
In the current year, more than 73 per cent members’ accounts have been updated till now. (KNN/SD)