EPFO issues key parameters for performance evaluation cum ranking system of exempted establishments

EPFO issues key parameters for performance evaluation cum ranking system of exempted establishments

April 12, 2018 Labour 0

The Employees Provident Fund Organization (“EPFO”), by way of a Circular dated 9th April, 2018 has issued parameters for performance evaluation cum ranking system for actions against exempted establishments securing 300 or lesser points.

The EPFO had earlier informed by way of a Circular dated September 21, 2017, that all the Employees Provident Fund (“EPF”) exempted establishments having link for filing of online returns will be evaluated on six key parameters each month and based on the point secured by the establishments, a ranking list will be prepared and the same practice is being followed since July, 2017.

The performance evaluation cum ranking list is prepared on the following six parameters –

(i)            Transfer of fund before due date

(ii)           Investment

(iii)          Remittance to the Trust

(iv)          Interest declared

(v)           Claim settlement

(vi)          Audit of Accounts

All six parameters deployed in ranking the establishment are vital parameters and considered as key parameters for identifying overall health of the trust and satisfactory compliance of the establishment in respect of the provisions of the Act and Scheme. If any establishment fails to perform on the aforesaid basic parameters, then such establishments and their trusts will be prone to further default and also violating the conditions for grant of exemption.

If any establishment is found violating the conditions for grant of exemption, then strict action as per the Act and Scheme will be taken against them, including issuing of Show Cause Notice, prosecution of employer under Section 14 of the Act and initiation of cancellation of exemption. Further, strict actions including cancellation of exemption will be taken against the exempted establishments showing careless approach.

It is further informed that Performance evaluation cum ranking list of exempted establishments for the wage month of February 2018, has been published on the official website of EPFO on 06.04.2018 (list may be obtained from the official website of EPFO).

Please refer to the attached document for further details.

Source: Employees Provident Fund Organization

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