Employees Provident Fund Organisation (EPFO)
- EPFO is one of the World’s largest Social Security Organisations in terms of clientele and the volume of financial transactions undertaken.
- It is a government organization that manages provident fund and pension accounts for the workforce engaged in the organized sector in India.
- It implements the Employees’ Provident Fund and Miscellaneous Provisions Act, 1952. The Act provides for the institution of provident funds for employees in factories and other establishments.
- It is administered by the Ministry of Labour & Employment, Government of India.
Why in News?
- Employees Provident Fund Organisation has launched a “Multi Location Claim Settlement” facility.
- This facility will cover claims such as provident fund, pension, partial withdrawal and claims and transfer claims.
News in Detail:
- The “Multi Location Claim Settlement” facility will enable EPFO offices to settle online claims from any of its regional offices, across the country. The recently launched facility will reduce any delay in claim settlement cycle.
- By introducing this facility, EPFO has moved away from the existing system of geographical jurisdiction for claim processing, hence reducing the delays by uniformly distributing the claim settlement related workload nationwide.
View all comments