Employees' Provident Fund Organisation (EPFO) on Monday said they are
working on a universal number system for its four-crore active subscribers.
"We are in the process of working on universal number system. But because we have burnt our fingers in the past, we want to be sure on the new system. Hopefully, we will launch the system this fiscal," Central Provident Fund Commissioner K K Jalan told reporters.
He said if launched successfully it would be a paradigm shift towards much-needed employee-centric approach from the present employer-centric approach of the organisation.
The universal provident fund number for an employee would be like a bank account number, which would not get changed if the person shifts jobs as well as locations. Jalan said this time the organisation was working on various models to build a sound system, which would have a lot of advantages for the employees.
The EPFO said from November on wards almost all pensioners will get pensions on the first day of every month as it has embarked on linking all its 40 lakh pension accounts with the core banking solution (CBS). The retirement fund body is also set to roll out a system of monthly updating of all its provident fund accounts from this month.
On the online transfer of provident fund accounts on changing jobs, Jalan said the system might be launched this month on pan India basis.
This Article is written by CMA Samir Biswal. He can be reached at cmasamirbiswal@gmail.com
"We are in the process of working on universal number system. But because we have burnt our fingers in the past, we want to be sure on the new system. Hopefully, we will launch the system this fiscal," Central Provident Fund Commissioner K K Jalan told reporters.
He said if launched successfully it would be a paradigm shift towards much-needed employee-centric approach from the present employer-centric approach of the organisation.
The universal provident fund number for an employee would be like a bank account number, which would not get changed if the person shifts jobs as well as locations. Jalan said this time the organisation was working on various models to build a sound system, which would have a lot of advantages for the employees.
The EPFO said from November on wards almost all pensioners will get pensions on the first day of every month as it has embarked on linking all its 40 lakh pension accounts with the core banking solution (CBS). The retirement fund body is also set to roll out a system of monthly updating of all its provident fund accounts from this month.
On the online transfer of provident fund accounts on changing jobs, Jalan said the system might be launched this month on pan India basis.
This Article is written by CMA Samir Biswal. He can be reached at cmasamirbiswal@gmail.com
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