EPFO introduces Real Time Monitoring System for Exempted Establishments

EPFO - Real Time Monitoring System For Exempted Establishments
EPFO introduces Real Time Monitoring System for Exempted Establishments
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EPFO has implemented online filing of returns by exempted establishments. Subsequent to the introduction of the new software, real time monitoring of exempted establishments has also commenced. It is required that all the exempted establishments/employers are required to file the statutory online returns in time i.e. on or before 25th of the month following that to which it relates.

You can download this circular from the following link :

EPFO gave some parameters to evaluate performance of exempted establishments

In this regard, Regional P.F. Commissioners/Officer-in-Charges of the field offices are required to take the following actions :-

i) It has been noticed from the EPFO portal that all the PF exempted establishments are still not filing the statutory online returns despite issue of the circular under reference for ensuring timely filing of returns by exempted establishments. All Regional P.F. Commissioners/Officer-in-Charges of field offices are hereby directed to initiate action against such defaulting establishments including process for cancellation of exemption as per the EPF & MP Act, 1952, EPF Scheme, 1952 and extant guidelines in this regard.

ii) The following shall be the system of on line performance evaluation of exempted establishments on the basis of six parameters :-

 

SR.No.ParameterAllocation of Points
1.Transfer of fund before  due dateFull 100 points have been given to the establishment which has transferred the provident fund before due date and for belated transfer, the points have been deducted proportionately.
2.InvestmentFull 100 points have been given to the establishment whose Trust has invested 70% or more of the investable corpus and for not investing 70% or more of the investable corpus the points have been deducted proportionately.
3.Remittance to the TrustFull 100 points have been given to the establishment which has transferred full P.F. accumulations for a month to the Trust and points have been deducted proportionately for not transferring the funds.
4.Interest declaredFull 100 points have been given to the establishment whose Trust has declared rate of interest at par or more than EPFO rate and for declaration of less rate of interest, points have been deducted proportionately.
5.Claim settlementFull 100 points have been given to the establishment which has settled all the claims of the members within 10 days and points have been deducted proportionately for not settling the claims in time.
6.Audit of AccountsFull 100 points have been given to the establishment whose Trust’s accounts have been audited till F.Y. 2016- 17 and the points have been deducted proportionately for not getting the accounts audited.

 

iii) On the basis of above parameters, a rank list of performance monitoring of PF exempted establishments shall be prepared for the preceding month in which returns are required to be filed and shall be published on the EPFO Website on the first day of the succeeding month. The system of ranking the establishments has been envisaged to develop a healthy competition among the exempted establishments and to enable the concerned organization to evaluate their performance. All exempted establishments and their Trusts may be informed about the same.

iv) The field offices are directed to also monitor all other performance parameters of the exempted establishments during compliance audit or otherwise.

You can download this circular from the following link:

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Hemali Timbadiya

Hemali Timbadiya is a content marketer at factoHR. She is a part of the business community through factoHR’s social media network. She keeps herself up to date with the latest digital trends. She aims to write content and blogs of trending HR topics.