PF dues piling up due to winding up of units
Updated: Oct 19, 2013 04:50:21pm
New Delhi, Oct 19 (KNN) Winding up of industrial establishments and the consequent litigation has resulted into a large sum of employees’ provident fund locked up in outstandings, the Central Provident Fund Commissioner K K Jalan has said.
Reviewing the functioning of the Compliance Division of the retirement fund scheme, Jalan noted with concern that substantial amounts are locked up due to winding up of establishments and resultant court cases. He, however, did not share the amount locked up on this account.
He said directions have been issued to follow up with Official Liquidators. Also, instructions have been issued to verify the compliance position of manpower engaged through contractors in various ministries and departments.
In an important move, it has also been decided to verify the coverage of autonomous bodies functioning under the Central and State Governments with a view to ensure that the benefits of the Act and schemes are extended to all the eligible beneficiaries.
While reviewing the work of Employees Provident Fund Organisation during September 2013, it was observed that the Organisation settled 7,96,759 claims in its 123 offices located throughout the country compared to 7,49,639 claims settled during September 2012.
In order to bring about an improvement in the services, a plan for comprehensive review of the functioning of the field offices by the Central Provident Fund Commissioner has been set into motion, Jalan said.
In this connection, new targets have been fixed by the Central P.F Commissioner. They include, a long term target of settling all claims in three days, per capita productivity of 15 claims per day, resolution of grievances registered in the grievance portal within 10 days, liquidation of 80 per cent annual accounts by October,2013 and 100 per cent by December,2013.
In order to provide safe, secure and speedy disbursement of pension, Core Banking Solution (CBS) has been made use of. Almost, 84 per cent of the 45 lakhs pensioners are being disbursed pension monthly using CBS. (KNN/PC)
Reviewing the functioning of the Compliance Division of the retirement fund scheme, Jalan noted with concern that substantial amounts are locked up due to winding up of establishments and resultant court cases. He, however, did not share the amount locked up on this account.
He said directions have been issued to follow up with Official Liquidators. Also, instructions have been issued to verify the compliance position of manpower engaged through contractors in various ministries and departments.
In an important move, it has also been decided to verify the coverage of autonomous bodies functioning under the Central and State Governments with a view to ensure that the benefits of the Act and schemes are extended to all the eligible beneficiaries.
While reviewing the work of Employees Provident Fund Organisation during September 2013, it was observed that the Organisation settled 7,96,759 claims in its 123 offices located throughout the country compared to 7,49,639 claims settled during September 2012.
In order to bring about an improvement in the services, a plan for comprehensive review of the functioning of the field offices by the Central Provident Fund Commissioner has been set into motion, Jalan said.
In this connection, new targets have been fixed by the Central P.F Commissioner. They include, a long term target of settling all claims in three days, per capita productivity of 15 claims per day, resolution of grievances registered in the grievance portal within 10 days, liquidation of 80 per cent annual accounts by October,2013 and 100 per cent by December,2013.
In order to provide safe, secure and speedy disbursement of pension, Core Banking Solution (CBS) has been made use of. Almost, 84 per cent of the 45 lakhs pensioners are being disbursed pension monthly using CBS. (KNN/PC)
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