Retirement fund body EPFO settled 10.26 lakh claims in May and 86% of them were resolved within 20 days.

Last month, the Employees Provident Fund Organisation (EPFO) had asked its over 120 field offices to settle claims within 20 days as against the mandated 30-day time frame.

EPFO's press statement said that, of the 10.28 lakh claims settled in May, 32% of them were settled within 3 days and 86% of the total were resolved within 20 days.

A review revealed that the return rejection ratio of claims has come down to 12% according to data available till May-end during this fiscal. Thus 12% of the total claims were rejected or returned during April-May period.

The lower return rejection ratio of claims indicates the efficacy of the EPFO officials who receive and handle these settlements.

In May, EPFO received deposits of Rs6,500 crore, which is Rs200 crore more than what it received in April this year.