EPFO settled 90 lakh claims in April-Dec 2015

According to a release by the Labour and Employment Ministry, Retirement fund body Employees' Provident Fund Organisation (EPFO) has settled more than 90 lakh claims in the period of April-December last year.

The release reported that a total of 96 percent of the cases were settled in mandated 20 days period.

In a major policy decision, the EPFO's advisory body Finance Investment and Audit Committee approved the accounting policy and method of accounting for equity and related investments.

This decision is taken with a view to bring procedural clarity and also to serve as a guide to the various exempted establishments who also have to now invest five percent of their corpus in the equity market as per government guidelines. The EPFO started investment in stock markets in August last year.