Online Settlement Of PF Claim By Next Financial Year (05-Mar-2010)
The government stated that by the next fiscal, the modernization project for online settlement of provident fund claim would be put into practice in all EPFO offices.
The project will be executed in 27 offices of Employees Provident Fund Organization (EPFO) in remaining 92 offices by 2010-11 fiscal.
This was said by Minister of State for Labour and employment Harish Rawat.
He said the project is being implemented in association with the National Informatics Centre.
The implementation of the project was approved by the Central Board of Trustees of EPFO in its 182nd meeting.
Meanwhile, Rawat said that the implementation of the project is being evaluated from time to time and the initial scope of the project has risen due to user requirement.
As on March 31, 2009, the total deposits in the employees provident fund and the inoperative account under the EPF stood at Rs 122629 crore and Rs 5892 crore respectively.
Earlier, Retirement fund manager EPFO’s key advisory body Finance and Investment Committee (FIC) had recommended 8.5% interest on PF deposits for 2010-11.
It is the same return given to subscribers for the past five years.
Meanwhile, FIC took a decision on interest rate for the coming fiscal, which will now be placed before the Central Board of Trustees (CBT), Employees Provident Fund Organization’s (EPFO) apex body, for final approval.
The FIC recommendations that would have impact on 4.71 crore depositors, are usually accepted by the CBT.
The FIC has firmed up its view to maintain 8.5% interest rate on deposits for 2010—11, despite opposition from trade union representatives.
EPFO said that the decision would leave a surplus of Rs 15.26 crore.
The Employees'' Provident Fund Organization of India is a state sponsored compulsory contributory pension and insurance scheme. It is one of the largest social security organizations in the world in terms of members and volume of financial transactions undertaken
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