: EPFO launches multilocation claim settlement facility to expedite member claims #FinanceIndia #StockMarketNEWS EPFO launches multi-location claim settlement facility to expedite member claims New

@StockMarketNEWS Tue 16 Jun, 2020

Posted in: #FinanceIndia #StockMarketNEWS

EPFO launches multilocation claim settlement facility to expedite member claims #FinanceIndia #StockMarketNEWS
EPFO launches multi-location claim settlement facility to expedite member claims New Delhi, Jun 16 (KNN) Employees Provident Fund Organisation (EPFO) has launched a multi-location claim settlement facility to expedite member claims, moving away from the existing system of geographical jurisdiction for claim processing.

All types of online claims –provident fund, pension, partial withdrawal and claims and transfer claims can be processed under this initiative.

The facility will bring a paradigm shift by allowing EPFO offices to settle online claims from any of its regional offices across the country, the labour ministry said in a statement on Monday.

COVID-19 crisis has affected 135 regional offices of EPFO with different levels of severity depending on their location.

It was observed that though many offices in Mumbai, Thane, Haryana and Chennai zones operate with even less then skeletal staff on account of COVID-19 Pandemic, but there has been a disproportionate increase in claim receipt due to recently introduced COVID-19 advance, Labour Ministry added.

Consequently, claim pendency in these offices rose to higher levels leading to delay in the claim settlement cycle while other offices, working with 50% workforce and with the help of recently introduced auto settlement mode could bring the claim settlement period down to 3 days for COVID-19 advances.

The multi-location claim settlement facility allows offices with lesser workload to share the burden of offices that have accumulated a higher level of pendency, due to COVID-19 restrictions. It enables fast-tracking of the settlement process through the most appropriate engagement of EPFO’s workforce in all its regional offices across the country.

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