Retirement fund body has reduced time for various claim
settlements PF withdrawal, pension & insurance claims will now be
settled in 10 days EPFO has launched an online claim settlement facility
on May 1, 2017
Retirement fund body EPFO has reduced claim settlement period to 10 days
New Delhi: Retirement fund manager EPFO or Employees
Provident Fund Organization has reduced the stipulated period for
settlement of various claims such provident fund withdrawal, pension and
insurance to 10 days, from 20 at present. In July 2015, the Employees'
Provident Fund Organization (EPFO) had reduced the timeline for settling
various claims to 20 days to improve the service delivery for its over
four crore subscribers.
EPFO has launched an online claim settlement facility and plans to eventually settle claims of all Aadhaar and bank account seeded employee provident fund accounts within three hours
of receipt of an application. "The timeline in case of claim
settlements is 10 days and 15 days in case of grievance redressal
management," EPFO said in a statement.
Provident fund subscribers can complete the whole process
online and members neither need to interact with the employer and nor
with EPFO field office to submit the online claim, the retirement fund
body said. The claim submitted by the member would flow in soft form to
EPFO database where it will be processed and the member's bank account
will be credited. Member is not required to give any supporting document
while preferring online provident fund part withdrawal case.
Subscribers who have activated their UAN and seeded their
KYC (Aadhaar) will be able to apply for provident fund final settlement
(Form19), pension withdrawal benefit (Form10-C) and part withdrawal
(Form31) from their UAN interface directly.UAN or Universal Account
Number is allotted by the retirement fund body and the number allows
portability of provident fund accounts from one employer to another. The
number also allows members to view all their provident fund accounts
with current and former employers. The number also helps in transferring
balances from old provident fund accounts.
Members' bank account along with IFSC code should be seeded
in EPFO database. Permanent Account Number (PAN) should also be seeded
in EPFO database for PF final settlement claims in case his/her service
is less than five years.
Source:EPFO
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