Employees Provident Fund Organisation settles 11.56 lakh claims in July

Retirement fund body EPFO has settled 11.56 lakh claims, including for PF withdrawals, in the month of July.

Of the total 11.56 lakh claimes, 97% cases were settled in the mandated 20 days period.

The Employees Provident Fund Organisation (EPFO) has decided in the month of July, to revise timeline for settlement of claims from 30 days to 20 days.

"The Organisation settled 11.56 lakh claims in the month of July and out of the same, 43% were settled within three days, 83% within 10 days and 97% within 20 days," EPFO said in a release.

The grievances received were given utmost priority and the EPFO was able to dispose 19,016 grievances leaving only 3,068 grievances pending in all the field offices put together. It is noted that 84% of the same was pending for less than 15 days.

The release said that social security agreements of India with Austria and Canada have been operationalised. The move would help citizens to avail social security benefits while working in the host country.

EPFO has a subscribers' base of about six crore people. It manages a huge corpus of Rs 6.5 lakh crore with incremental deposits of around Rs 1 lakh crore per annum.