EPFO to monitor its trusts through software

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Come Sunday and over 2700 Private Provident Trusts under the EPFO will fall under the monitoring of new software. Recently by announcing this, EPFO’s Central Provident Fund Commissioner K K Jalan has said that, to improve the delivery of services, ‘ Employees’ Provident Fund Organization would be launching software to monitor exempted establishments on January 12.’ The second conference of exempted establishments (private PF trust), which took place this week  in Delhi resulted in much better interaction with the representatives of these firms, opined Jalan. These Private Provident Fund Trusts are those firms which manage their workers’ PF account and funds themselves, and are governed by the Employees Provident Fund Scheme 1952, regulated by EPFO.

Retirement fund manager authority maintains that it has settled more than 95 per cent of claims in 20 days in the last month of the last year. Not only this. Out of these 30 per cent claims were settled in just three days, says EPFO statement. Jalan assured that the branches of State Bank of India will now give the receipt of the cheques or other instruments presented for depositing PF returns, so that any delay on the part of the branches to account for these instruments will not result into penalty on the establishments.

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