The provident fund department
has set an ambitious internal target to settle most claims in less than three
days instead of the 30-day deadline set under its citizen charter, promising a
huge relief to employees who are often forced to wait for months on end.
The Employees' Provident Fund Organization (EPFO), which manages over eight cr. accounts with more than Rs 5 lakh cr. of retirement savings, has been struggling to cope with the increasing workload of account transfers and withdrawals arising out of greater mobility in the labor market in recent years.
EPFO has summoned all regional PF bosses to Delhi on 5th July to finalize an action plan for clearing claims expeditiously. The department wants 70-80% of the 1.2 cr. claims expected in 2013-14 to be paid out within three days.
The Employees' Provident Fund Organization (EPFO), which manages over eight cr. accounts with more than Rs 5 lakh cr. of retirement savings, has been struggling to cope with the increasing workload of account transfers and withdrawals arising out of greater mobility in the labor market in recent years.
EPFO has summoned all regional PF bosses to Delhi on 5th July to finalize an action plan for clearing claims expeditiously. The department wants 70-80% of the 1.2 cr. claims expected in 2013-14 to be paid out within three days.
If this plan is successfully
applied then more than 1 cr. Employees get benefited in terms of claiming their
own hard earned money from PF department.
No comments:
Post a Comment