In order to ease out the process of the claims settlement, the Employee Provident Fund Organisation (EPFO) has taken certain considerable steps. EPFO, in the present scenario, has over six crore subscribers as well as has a corpus of a sum of Rs. 10 lakh crores. EPFO is a retirement fund body which is known to receive approximately 1 crore claims every year which are inclusive of the EPF withdrawal, insurance as well as the pension fixation.
Overall, 12 percent of the employee’s contribution is a contribution to the EPF out of which, 8.33 percent is an investment in the EPS or the pension scheme whereas, the balance is an investment in the EPF.
EPF Claims Can Be Filed In Online & Offline Mode From Now On
There have been certain developments which have taken place in the rules related to the EPF claims which should necessarily be familiar with the EPFO subscribers. Previously, the EPF claims above the amount of Rs. 10 lakhs need not be filed online whereas, after the recently formulated circular which made the changes, the offline claims shall now be acceptable in all the cases.
In the various cases previously of the PF claims as well as the EPS withdrawal claims amounting to Rs. 10 lakhs and Rs. 5 lakhs respectively, the online mode was only accepted which is now open to the offline mode also. All the EPFO subscribers now have an option of either increasing or decreasing the investments into the stocks with the help of ETF that stands for exchange trade funds which are similar to Sensex as well as Nifty.
Subsequently, EPFO has increased the percentage of the investible deposits from 5 percent being in 2015-16 to that of 15 percent in 2017-18.
EPF Revises EPF Claim Rules | Check Details Here
In order to look for the possibility of providing options to improve the equity allocation with the help of the mandated equity investment limit which stands to 15 percent as of now as well as decreasing the equity allocation below the limits, decisions by the top decision making body of the EPFO that is the Central Board of Trustees (CBT) have been made.