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Delhi. Central Provident Fund Commissioner Ramesh Krishnamurthy on Wednesday said EPFO ​​will soon automate the process of settlement of final provident fund withdrawal claims. This will speed up the transfer of money to the applicant’s bank accounts. Central Provident Fund Organization (EPFO) has more than seven crore shareholders. Currently, partial or advance withdrawal claims up to Rs five lakh are settled automatically.

The timeline for automatic settlement is three days from the date of claim filing. Speaking at an event on the new labor code organized by industry body Assocham, Krishnamurthy said, “We are going to introduce automatic settlement as far as possible for now… Till now it was available only for advance withdrawal. We are now introducing automated settlement for final withdrawals as well.”

EPFO is also introducing the facility of automatic settlement and automatic transfer of provident fund accounts if a member changes employer, he said. “Now you don’t need to fill any forms,” Krishnamurthy said. We will attempt to automatically transfer your accounts to your new member account.”

Talking about the full implementation of the four labor codes and publishing of rules under them, he said that every effort has been made to simplify, codify and standardize the definitions and other terms. The government has notified all four new labor codes on May 8. Krishnamurthy said that the next notifications to EPFO ​​will be published soon.

Under the new legal framework, three schemes…EPF Scheme 1952, Employees’ Deposit Linked Insurance Scheme 1976 and Employees’ Pension Scheme 1995…will also be re-notified. “We have not made any major changes,” he said. We have tried to incorporate whatever we have learned from the past. We have included all the decisions recently approved by the Central Board of Trustees, including simplifying withdrawals and other reforms.

Besides, comprehensive amendments have also been made in the provisions to exempted trusts. These have been included in the new schemes.” Union Labor Secretary Vandana Gurnani said that labor is in the concurrent list of the Constitution and states will make their own rules. He said the government’s philosophy has been to reduce compliance, ease of doing business, ease of business expansion and ensure that there is no injustice to workers. Gurnani said it is now the responsibility of the industry to see the reform not just as a compliance list, but as a commitment towards a happy, healthy and productive workforce.

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