EPFO settled 37.41 lakh claims till July 15 this fiscal

Jul 21 2014, 16:04 IST
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EPFO had launched the online facility for allotment of employer's code on June 30 this year.(Reuters) EPFO had launched the online facility for allotment of employer's code on June 30 this year.(Reuters)
SummaryThe allotment of UAN would link all employments of the EPF members thus facilitating portability.

Retirement fund EPFO has settled 37.41 lakh claims including transfer and withdrawal of provident fund till July 15 of this fiscal, Parliament was informed today.

The EPFO had settled 123.36 lakh claims during the previous financial year, 111.42 lakh claims in 2012-13 and 90.5 lakh claims in 2011-12, Minister of State for Labour Vishnu Deo Sai said in a written reply to Lok Sabha.

Elaborating the benefits of recently launched facility of online registrations of establishments (employers), the Minister said employers can be alloted establishment code on the same day and they don't need to visit the office of EPFO.

Thus the ease of doing business in India would enhance, he added.

EPFO had launched the online facility for allotment of employer's code on June 30 this year.

On the Universal PF Account Number (UAN), the Minister said that it will be portable throughout the working career of members and can be used anywhere in India.

The allotment of UAN would link all employments of the EPF members thus facilitating portability.

According to the information available, the EPFO has planned to provide UAN to its over five crore subscribers by October this year.

In reply to another question, the Minister said that an addition 50 lakh employees are expected to be benefited on account of increase in the wage ceiling for coverage under Employees' Provident Funds & Miscellaneous Provisions Act, 1952 from Rs 6,500 to Rs 15,000 per month.

He said the number of persons expected to be benefited on providing minimum monthly pension of Rs 1,000 under the Employees' Pension Scheme, 1995 is 28 lakh.

Earlier this month, Finance Minister Arun Jaitley in his budget speech had announced raising of wage ceiling to Rs 15,000 per month and providing minimum monthly pension of Rs 1000 under the pension scheme run by the EPFO.

The Minister also said that efforts are made by the government to amend labour laws from time to time to ensure welfare of workers in the country.

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