Employees Provident Fund - A Guide
by, 09-19-2008 at 11:08 PM (82012 Views)
This is an attempt to give a broad idea about EPF since repeated queries are being raised in this forum on EPF.
An important legal provision guanteeing settlement of claims within 30 days is available under Para 72 (7) of the EPF Scheme as follows:
7) The claims, complete in all respects submitted along with the requisite documents shall be settled and benefit amount paid to the beneficiaries within 30 days from the date of its receipt by the Commissioner. If there is any deficiency in the claim, the same shall be recorded in writing and communicated to the appli*cant within 30 days from the date of receipt of such application. In case the Commissioner fails without sufficient cause to settle a claim complete in all respects within 30 days, the Commissioner shall be liable for the delay beyond the said period and penal interest at the rate of 12 per cent per annum may be charged on the benefit amount and the same may be deducted from the salary of the Commissioner.]
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