EPFO disbursed Rs 47,000 crore as member benefits in 2015-16

EPFO is likely to consider and approve a proposal to provide life insurance cover to its subscribers for three years.

EPFO manages a corpus of over Rs 8.5 lakh crore. Photo: Collin Furtado

EPFO disbursed approximately Rs 47,630 crore as member benefits and Rs 8,200 crore as monthly pensions in 2015-16, said a Press Information Bureau report.

The report suggested that Employees' Provident Fund Organisation (EPFO) will place a system where principal employers who enroll workers directly or through contractors can view details of amount paid towards Provident Fund dues as well as details of the contractors.

This move will help EPFO to monitor the status of enrolment of contractual employees working in government bodies. Also, retirement fund body will now be able to compare the PF dues reimbursed to contractors and PF dues remitted by contractors. The difference in amount will indicate specific evasion that can be followed towards seeking compliance, said the report.

TRENDING NOW

Further, as per the reports, in EPFO the process of seeding EPS pensioners' data with Aadhaar is likely to happen soon. While seeding, the fund body noticed that in certain cases there is data mismatch between EPF data and Aadhaar data in respect of name and date of birth of pensioner.

Moreover, according to PTI reports, EPFO is likely to consider and approve a proposal to provide life insurance cover to its subscribers for three years after cessation of employment. The decision will be taken by next month.

EPFO manages a corpus of over Rs 8.5 lakh crore and its subscribers' base is over five crore at present, said the report.

Lastly, the PIB report mentioned that EPFO is also in the process of digitalizing compliance reporting system. The system is expected to be online by the second quarter of this financial year.

TAGS: