Provident Fund Settlement in one week

May 15th, 2009  |  Published in General Awareness  |  2 Comments

Speedy settlements into PF claims
Although the current provident fund settlement period is marked to be one month but still it takes around 3-4 months and sometimes even more, for some others its even worse and had to contact an agent to settle their PF.

According to latest developments, by November 2009 you would see your provident fund claims getting settled within a week.

Amid growing concerns over non settlement of provident fund claims leading to an unprecedented increase in pendencies of such cases, the Employees Provident Fund Organization (EPFO) has finalized a road map, which promises to clear claims in short span of seven days. EPFO has attributed the current delays to insufficient details from employers.

Central Provident Fund Commissioner K Chandramouli has ordered speedy computerisation of the 118 PF offices across the country by November 2009 to ensure that settlement of provident fund related claims is done within a week.

Not only will the Computerisation speed up the settlement process but would also result in avoiding corruption related with the provident Funds. With all the latest developments being highlighted we hope atleast this computerisation gets done in time.

Considering this overall development there are 4 main points to consider

  • The EPFO will bring down the claim settlement period from existing 30 days to seven days by November as it will finish the computerisation of all its 118 offices by then.
  • The subscribers will be able to view their PF balances and status of their claims online. Also the officials at the EPFO will not be able to push forward the claims of individuals ahead of the queue.
  • The second phase of computerisation will streamline the processes further and the subscribers can expect things to go online with “anytime-anywhere” services.
  • In order to reap these benefits, all that is required from the subscriber or his employer is complete and precise data on the employees account so that there is no lag on that front. Once the proper data is furnished the process of settlement will take less than one week.


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