Come November, PF claims will be settled within days as the Employees' Provident Fund Organisation's (EPFO) would become fully-computerised drastically reducing the time taken for the whole process.
"Employees Provident Fund Organiation would not take more than a week for claim settlement as its all 118 regional and sub-regional office would be maintaining records and settling claims using electronic mode by November this year," Commissioner Employees' Provident Fund Organisation K Chandramouli told PTI.
"If the claim is complete in all respect, it would not even take an hour to settle a claim through e-mode. We are not amending our Employees Provident Fund Scheme 1952, Para 72(7), which mandates settling of claims with in 30 days," he added.
Chandramouli said, "We successfully ran a pilot project in Karnal Regional Sub-Office in Haryana. We would computerise all our offices in the country in phases by November this year. Initially we would computerise 25 offices."
According to an EPFO official said PF claim settlement takes about three to four months in normal course of time when applicant completes all formalities. "If there is any discrepancy then settling PF claim could be stretched for longer period."
EPFO maintains PF accounts of about 4.49 crore subscribers with an incremental deposits of around Rs 25,000 crore with a corpus of about 1.82 lakh crore.