Apply online for PF transfer, withdrawals from July 1: EPFO
Over
50 million subscribers of the retirement fund body EPFO will be able to apply
online for transfer and withdrawal of their provident fund from July 1, a move aimed
at speedy settlement of claims.
“We
have decided to set up a central clearance house which will be operational on
July 1. This will enable subscribers to apply online for settlement of the
withdrawal and transfer of funds claims,” EPFO’s Central Provident Fund
Commissioner Anil Swarup told reporters at PHD conference.
“The
biggest problem faced by the subscribers is transferring their accounts on
change of job. This central clearance facility will expedite the process”, he
added.
The
facility will enable subscribes to track online the status of their
applications for transfer and withdrawals.
However,
the EPFO’s ambitious plan to provide permanent account number to all
subscribers would be possible by early next year.
“It
would be done in 8-10 months. Since the process of providing permanent account
number to all subscribers will take time, we thought of setting up central
clearance house first,” he said.
Under
the new system, the onus of verifying the details of the PF account from
previous employers would be on the EPFO. At present, employees have to get
their applications verified from their employers for settlement of claims.
“The
onus of getting the detail of the PF account verified from employers would be
on the Employees’ Provident Fund Organisation (EPFO) in the new online system
for transfer and withdrawal claims,” Swarup said.
No comments:
Post a Comment