New Delhi, June 16: In a major relief to crores of Indians, the Employees' Provident Fund Organisation (EPFO) has reduced the settlement period to 10 days from 20 days. The organisation has also reduced the grievance redressal period to 15 days from 20 days. This is in line with many changes that EPFO is making off late.
EPFO said that all field offices have been directed to ensure that Aadhaar number is furnished by the employer in respect of all new members who join the EPS (Employees' Pension Scheme), 1995, with effect from 1st July, 2017 except North East States where it would be applicable with effect from 1st October, 2017.
EPPO also said that its e-court Management System was launched on 16th May 2017 to with the objective to making a transparent and electronic case management system. "All paper, evidence, documents can be filed online and the status can also be viewed online," the retirement fund body said.
EPFO will facilitate quick transfer of funds and easier tracking by paying beneficiaries through electronic or digital fund transfer system. This move is likely to benefit 4.5 crores EPF subscribers and around than 54 lakh pensioners. This move came after the Labour Ministry made amendments to the social security schemes run by EPFO.
Retirement fund body EPFO will invest Rs. 20,000 crore in exchange traded funds this fiscal, Union Minister Bandaru Dattatreya had said earlier.