EPFO settles 1.19 crore claims this fiscal so far

NEW DELHI: Retirement fund body EPFO has settled 1.19 crore claims in the current fiscal year so far.

"The organisation has settled 10.71 lakh claims out of which 75 per cent were settled within 10 days and 95 per cent within 20 days. With this, EPFO has settled 1.19 crore claims in the current fiscal," Employees' Provident Fund Organisation (EPFO) said in a release today.

"The progressive reduction in the time taken for settlement signifies EPFO's readiness to adhere to the new timeline of settling claims within a maximum time of 20 days, which is expected to be notified shortly," said K K Jalan Central PF Commissioner while reviewing the progress of EPFO for the month of February.

EPFO has also reduced administrative charges for EPF schemes to 0.85 per cent of the wages from 1.10 per cent.

However, the minimum charges payable has been fixed at Rs 75 per month for every non-functional establishment having no contributory member and Rs 500 per month per establishment for other establishments.

The minimum administrative charges for Employees' Deposit Linked Insurance Scheme has been fixed at Rs 25 per month for every non-functional establishment having no contributory member and Rs 200 per month per establishment for others.

The revised charges shall be effective from January 1, 2015.

An online help desk for have also been set up. The online desk will help trace users their inoperative accounts and take further action to transfer or withdraw it.