EPFO commissioner Mr. Anil told to reporters that ‘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’
The provident fund account holder has the biggest problem transferring the account as in the case of change the job. One doesn’t know how to transfer the account as well as the previous way to transfer account was harassing and timely.
This facility will also give tracking the account as in what stage the account transfer is. It includes online tracking and getting the sms time to time.
EPFO has the dream plan to provide permanent account number to the entire employees provident fund account holder as one needn’t to transfer account one place to other. One account number will work all over country.
But this dream project will take time around 8-10 months and only be possible in 2014 only. The department is setting the infrastructure for it. It needs speed clearance house and online office at every district.
The new system will be very beneficial for the employees as this is department liability to verify the employees account by the employer for withdraw or transfer account. In current system the liability is of employees to get verified the account with the employer.
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