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EPFO settles more than One crore claims in the current financial year Employees Pension Fund deficit comes down to 2.5%

Shri K.K. Jalan, Central P.F. Commissioner while reviewing the performance of EPFO for the month of January, 2015 noted that the organization has settled 11.05 lakh claims. 73% of the claims were settled within 10 days and 93% within 20 days. With this, the total claim settlement for the current financial year 2014-15 stood at 1.08 crore by January end. 91% of these claims were settled within 20 days signifying the organization’s readiness to settle all claims within 20 days as per the new standards to be implemented later on. Also, the organization was ab..

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EPFO moves to Accrual Accounting

The Institute of Chartered Accountants of India (ICAI) through its research arm, ICAI Accounting Research Foundation (ICAI ARF) signed an MoU with Employee's Provident Fund Organisation (EPFO) on December 11, 2014. As per the MoU, ICAI ARF will undertake a Pilot Study Project with EPFO to support it in its initiative to migrate to Accrual Based Accounting System.   The project with EPFO represents the first phase wherein the ICAI ARF will study EPFO's existin..

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