The government on Wednesday cautioned officers of retirement fund body EPFO against any delay in settlement of claims and updation of account, saying their performances would be closely "watched". Labour and Employment Minister Mallikarjun Kharge said the Finance Ministry had also raised a concern over the large pendencies while clearing a proposal to raise interest rate of EPFO subscribers to 9.5 per cent for 2010-11.
"The Ministry of Finance while agreeing to our proposal of 9.5 per cent interest for 2010-11 advised that 4.72 crore accounts pending as on 31 March 2010 should be updated by EPFO. I have given an assurance to the finance minister that pending account should be updated by September 16, 2011," he said.
Addressing a meeting of the Employees Provident Fund Officers (EPFO), he said there were 11 such offices legging in this respect and directed big offices in the metros to "gear up and
meet the targets".
"In accounts updation there are still 11 offices which have still a workload in the two to 10 lakh accounts for updation. This is not acceptable. The officers who lag behind would be closely watched," he said.
Kharge, however, noted that a sincere effort has been made in updation of accounts and only 60 lakh of the 4.72 crore accounts needs to be updated.
"The 2009-10 account will also be updated by September 2011," he said. Kharge said settlement of funds claims within 30 days has also improved considerably. He said from July, EPFO subscribers will also be able to access their accounts online on the EPFO website.
Asked if subscribers could expect a further rise in interest rate for 2011-12, Kharge said such a decision would be depend on the revenue and income generation.
"If we earn more we will give more, if we earn less we will give less, but our duty is to facilitate and try as far as possible...it should be given more to more employees. It also depends on our revenue and income," he said.
