Retirement fund manager EPFO today launched a facility to enable
its over 5 crore subscribers view updated accounts online on real time basis
without waiting for their annual PF account slips.
Besides this, the Employees' Provident Fund Organisation (EPFO) has also
announced it would put in place the facility for online PF account transfer
claims on changing jobs next month.
The facility for viewing PF accounts online was launched here by Labour
Minister Sis Ram Ola in the presence of Minister of State for Labour and
Employment Kodikunnil Suresh and EPFO's Central Provident Fund Commissioner K K
Jalan.
At present, subscribers
get account statements once a year. The Employees’ Provident Fund Organisation
(EPFO) has to dispatch annual PF account slips by September. The PF slips for
2012-13 are supposed to be provided by September 30, 2013. Sometimes, it takes
longer to receive the statements because the EPFO hands them over to employers
for distribution to workers. The new facility will enable subscribers to see
their updated accounts and take printouts for their records.
"The facility will help people to view accounts online who
earlier had to wait for long time to know about their account details. Besides
it would help in settling various claims well in time," Ola told
reporters.
The Minister launched the software for updating the provident fund accounts in batches.
Elaborating about the facility Jalan said, "The facility would enable the EPFO to update accounts on real time basis. Now we would be able to provide annual account statement online by April or May every year with all due interest credits."
The Minister launched the software for updating the provident fund accounts in batches.
Elaborating about the facility Jalan said, "The facility would enable the EPFO to update accounts on real time basis. Now we would be able to provide annual account statement online by April or May every year with all due interest credits."
As per the practice, EPFO is supposed to provide annual PF account
slips for its subscribers by September 30. For instance for 2012-13, it is
required to provide account slips by September 30,2013. However, the deadline
is often being missed. Jalan also informed that EPFO would launch the facility
of online transfer of PF accounts next month and that the body is conducting
live tests of the service.
EPFO is expecting around 13 lakh transfer claims this fiscal. Every year, the
body receives about 1.2 crore claims, including transfer, pension and
withdrawal of Provident Fund.
Jalan also said that it is endeavour of the body to settle all types of claims in less than three days as against the prescribed 30 days period.
Jalan also said that it is endeavour of the body to settle all types of claims in less than three days as against the prescribed 30 days period.
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