EPFO settlement time to be reduced to 3 days from 20 days, says Mr. Aditya Sah

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by Shrutee K/DNS

“Today more than 1.65 crore employers have subscribed to Provident Fund and 7 crore employees are in the ambit of Employee Provident Fund. The new scheme -Pradhan Mantri Rojgar Protsahan Yojana (PMRPY) - aims to further generate employment as part of the Prime Minister’s programme.  However, so far only 250 companies have taken benefit of this Yojana in Mumbai; whereas other States are far ahead,” said Mr. Aditya Sah - Regional Provident Fund Commissioner –I, Employees Provident Fund Organisation (Ministry of Labour & Employment, Government of India) at an interactive meeting on Pradhan Mantri Rojgar Protsahan Yojana (PMRPY) at World Trade Centre Mumbai on December 7, 2017. The interactive meeting was jointly organized by World Trade Centre Mumbai and All India Association of Industries (AIAI).

Mr. Sah highlighted that out of the Rs 156 crore benefit disbursed across India under PMRPY, Mumbai has a share of only Rs 5.36 crore. Therefore, there is tremendous potential to increase the coverage of establishments in Mumbai under this scheme.

Mr. Sah further informed, “Under digital programme, the EPFO offers online service to 4.5 crore employees and the Regional Office of Bandra settles 60,000 claims every month. Out of these claims, only 450 are pending for more than 20 days. We need to bring down the settlement time to 3 days in future. In Mumbai, currently there are 29 lakh contributing members and 9,000 companies subscribe to Provident Fund.  In view of the digital online service, we feel more and more employees will come in our ambit as Provident Fund is not only a saving but it also gives timely help in the form of housing loans, medical and other benefits to employees.”

During the event, Mr. Amit Chougule – Assistant Provident Fund Commissioner, Employees Provident Fund Organisation (Ministry of Labour & Employment, Government of India) delivered a presentation on PMRPY and the latest initiatives of EPFO.
Earlier in his welcome remarks, Mr. Vijay Kalantri, President, All India Association of Industries (AIAI) said, “Many of the employees are not aware of the new scheme.  There is a need to create awareness to bring in more employees to avail benefit of the new scheme.  It is also important to generate confidence among the employees for timely benefit.”

The interactive meeting was attended by employers from industries such as construction, shipping, infrastructure, banks and other financial institutions. Mr. Y.R. Warerkar, Executive Director, World Trade Centre Mumbai proposed vote of thanks for the event.

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