Dattatraya reviews Provident Fund - TeluguPeople.com News

Hyderabad, May 15: Bandaru Dattatraya, Minister of State (Independent Charge), Labour & Employment, Government of India on 15 May 2015, along with K K Jalan, IAS, Central Provident Fund Commissioner, reviewed the functioning of Employees' Provident Fund Organization, Andhra Pradesh & Telangana and expressed his satisfaction over efficient and effective service to Provident Fund Members by way of settlement of Provident Fund, Pension and Insurance Claims and also took stock of the progress of latest initiatives such as UAN Services, Online Transfer of accounts, Online verification of claim status, Inoperative accounts helpdesk, Online Registration of Establishments, Online filing of returns, Online Payment facility etc.

It was informed by K K Jalan that first ever meeting for reviewing the Regional and Sub-Regional Offices performances by the Minister is taken at Hyderabad for reviewing the performance of Offices in Telangana State and Andhra Pradesh. He thanked the Minister for permitting the Officers working in both the states to meet him directly for any official work and assured of best cooperation of all Officers of the Organization in making his vision a reality.

Officers of Telangana and Andhra Pradesh were also advised to put in their best efforts and work as Model Offices for other Offices across India to replicate. It was further informed that directions were issued to activate e-life certificate, 'Jeevan Praman Patra' for EPS Pensioners on top priority basis.

Minister informed that Employees' Provident Fund Organization is being appreciated by all the countries for its best performance which a corpus of about Rs.6 lakh crores apart from another Rs.2 lakh Crores with exempted Trusts for which the Central Board of Trustees (CBT) headed by himself as Chairman are responsible. The CBT is a tripartite body consisting of Representatives from Trade Unions, Employers' Associations and Central & State Governments. He informed that the Portfolio is managed by M/s. HSBC, M/s. ICICI, M/s. SBI and M/s. Reliance. M/s. UTI is also identified as Portfolio Manager recently.

The Portfolio Managers are taking care of the corpus with an assured return of 8.75%.Hon'ble Minister expressed his happiness over extra-ordinary achievement of Employees' Provident Fund Organization, Andhra Pradesh & Telangana Regions for issuing 1,19,40,881 Annual Accounts in respect of financial year 2014-2015 through batch processing on the first day of financial year 2015-2016.

It was informed that there are 39734 establishments with 85.62 lakhs membership in Telangana and 35218 establishments with 31.64 lakhs in Andhra Pradesh. The contributions during 2014-2015 received in Telangana state was Rs.5178.91 crores and that in Andhra Pradesh is Rs.1692.40 crores. The reason for huge contribution in Telangana is due to concentration of Pharma and IT Industry in and around Hyderabad.

It was informed that Rs.27,000 crores is held in Inoperative Accounts across India. In Telangana State 113084 Inoperative Accounts were settled and an amount of Rs.13215.41 lakhs was disbursed during the last three months and in Andhra Pradesh 14051 accounts were settled for an amount of Rs.3849.93 lakhs.

Minister declared that within one month UAN is going to be made mandatory and claims will be settled only where there is UAN and Aadhar Number linked to such UAN. It was informed that henceforth all the claims shall be settled mandatorily within 20 days instead of 30 days.

Minister advised the Officers to examine the feasibility of opening new Offices at Tirupati and Kurnool apart from Regional Office in the New Capital City of Andhra Pradesh. It was also directed to hasten the process of securing site and construction of Office Buildings for sub-Regional Offices, Kukatpally and Patancheru.

Minister also informed that a decision was taken regarding continuation of minimum pension of Rs.1000/- to the Pensioners of EPS, 1995 on perpetual basis which is expected to benefit more than 19 lakh pensioners who were drawing less than Rs.1000/- pension and the probable burden on Government of India is Rs.847 crores.