‘EPFO settlement time to be reduced to 3 days from 20 days’

More than 1.65 crore employers have subscribed to provident fund and 7 crore employees are in the ambit of Employee Provident Fund. To offer better services for this employers, there is a need to bring down the settlement time to three days in future. This is something that Aditya Sah - Regional Provident Fund Commissioner –I, Employees Provident Fund Organisation also agrees too.

During an interactive meeting on Pradhan Mantri Rojgar Protsahan Yojana (PMRPY) at World Trade Centre session, Sah further informed, “Under digital programme, the EPFO offers online service to 4.5 crore employees and the Regional Office of Bandra settles 60,000 claims every month. Out of these claims, only 450 are pending for more than 20 days. We need to bring down the settlement time to three days in future. In Mumbai, currently there are 29 lakh contributing members and 9,000 companies subscribe to Provident Fund.

In view of the digital online service, we feel more and more employees will come in our ambit as Provident Fund is not only a saving but it also gives timely help in the form of housing loans, medical and other benefits to employees.”

He also added that the new scheme -Pradhan Mantri Rojgar Protsahan Yojana (PMRPY) - aims to further generate employment as part of the Prime Minister’s programme. However, so far only 250 companies have taken benefit of this Yojana in Mumbai; whereas other States are far ahead, he revealed.