Thousands of former employees of JCT Limited are set to receive major relief as the Employees’ Provident Fund Organisation (EPFO) prepares to release the remaining ₹46.65 crore in long-pending provident fund dues within the next seven days.
The development comes after several years of waiting by former workers who had been seeking access to their accumulated retirement savings. The pending payments relate to employees of the company’s Phagwara unit in Punjab.
₹17.73 Crore Already Credited to Employees
According to the latest update, the total payable provident fund amount for former employees of JCT’s Phagwara unit stands at ₹64.38 crore.
Out of this amount, ₹17.73 crore has already been credited to the respective PF accounts. The remaining ₹46.65 crore is expected to be transferred to eligible employees within the next seven days.
The amount includes provident fund contributions accumulated up to December 2022, along with applicable interest calculated up to the financial year 2022–23.
Hoshiarpur Unit Employees Also Expected to Receive Relief
The settlement process for former employees of JCT’s Filament Unit in Hoshiarpur has also reached its final stage.
The remaining payable dues for eligible workers of this unit are also expected to be credited within the same seven-day period. The development is likely to bring relief to several former employees and their families who have been waiting for their retirement benefits.
EPFO Confirms Timeline for Pending Payments
The regional provident fund authorities have confirmed that efforts are being made to complete the pending settlements within the announced timeframe.
The authorities have worked on verifying employee records, calculating individual entitlements and resolving discrepancies before transferring the outstanding amounts.
What Former Employees Should Know
Eligible former employees should check their registered bank accounts and EPF passbooks for updated credits. The amount received will depend on their individual provident fund entitlement and verified records.
The development marks an important step towards resolving long-standing PF payment issues and ensuring that former workers receive their rightful retirement savings.
