EPFO settles 12.28 lakh claims in September & 74% in 10 days

The EPFO has set­tled 12.28 lakh claims, includ­ing PF with­drawals, in Sep­tem­ber, out of which 74 per cent were set­tled with­in 10 days of fil­ing claims with the retire­ment fund body.  Almost 74 per cent of claims set­tled in Sep­tem­ber were set­tled with­in 10 days fil­ing of claims and almost 99 per cent with­in the man­dat­ed 30 days.

The total num­ber of claims set­tled in the cur­rent fis­cal so far has risen to 66.11 lakh. The review revealed that the Employ­ees’ Prov­i­dent Fund Organ­i­sa­tion (EPFO) has updat­ed 97.7 per cent of its accounts.

Dur­ing the review it was found that the process of allo­cat­ing Uni­ver­sal Account Num­ber (UAN) and cap­tur­ing the KYC details con­tin­ued in full swing dur­ing the month. As many as 3.67 crore Know-Your-Cus­tomer records have been col­lect­ed by the end of Sep­tem­ber for seed­ing those with the the portable PF account num­bers (UANs).

The EPFO has also start­ed allot­ment of UAN to new employ­ees com­ing under the purview of the EPF Act and schemes. The New Fund Man­age­ment Sys­tem (NFMS), which was oper­a­tional in Prov­i­dent Fund and Pen­sion Fund accounts, has been extend­ed to the insur­ance funds also.

This will ensure that the funds are not left idle with the banker but are deployed for invest­ment at the ear­li­est, there­by fetch­ing bet­ter returns. EPFO dis­posed around 16,000 griev­ances in Sep­tem­ber and only around 4,600 griev­ances were pend­ing. It was not­ed that 77 per cent of these griev­ances were pend­ing for less than 15 days.