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The government has reduced the stipulated period for settlement of various claims like PF withdrawal, pension and insurance by the retirement fund body EPFO to 20 days from the existing 30 days.
“The government brought out amendments to Para 72(7) of the Employees’ Provident Fund Scheme, 1952, Para 17-A of the Employees’ Pension Scheme, 1995 and Para 24 (4) of the Employees’ Deposit linked Insurance Scheme, 1976 and thereby reduced the periodicity of settlement of PF, pension and insurance claims from existing 30 days to 20 days,” says an Employees’ Provident Fund Organisation’s (EPFO) office order.
According to the order, the Labour Ministry had notified the changes to the three schemes for the purpose on July 2.
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