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EPFO disburses over Rs 47,600 cr as member benefits

EPFO is in process of digitising compliance reporting mechanism, which is expected to be online

Policy Pulse
Publish Date: May 14 2016 12:25PM | Updated Date: May 14 2016 8:18PM

EPFO disburses over Rs 47,600 cr as member benefits

 Retirement fund body Employees Provident Fund Organisation (EPFO) disbursed more than Rs 47,000 crore as member benefits and Rs 8,200 crore as pension payments in last financial year. 

 
It also settled 1.18 crore claims in 2015-16.
 
"In 2015-16, EPFO disbursed approximately Rs 47,630 crore as member benefits and Rs 8,200 crore as monthly pensions," it said in a statement.
 
EPFO has taken several measures to put in place an outline to check status of enrolment for contractual employees, especially in municipalities.
 
EPFO will be in a position to match PF dues reimbursed to contractors and the ones actually remitted by them. 
 
Any disparity in amounts would show possible evasion that can be followed up for compliance.
 
EPFO is also in process of digitising compliance reporting mechanism, which is expected to be online and real-time by the second quarter of this financial year, it said.