Employee’s provident fund organization (EPFO) announced Independence gift to Indians as online transfer of Provident fund account on changing jobs will start on 15 August. This facility will benefit around 13 lakh subscribers in India.
Earlier EPFO has started taking digital signatures of the employer as it will be a vital for system for online transfer. The department hopes a good response from the employer providing digital signatures as the success of online transfer of accounts depends on it.
The department wants to launch the service of online transfer of PF account on 15 august the day of independence.
Digital signatures are used quite often in other sources like in income tax return as well as in big companies, on cheques as well. So there is no harm providing to EPFO as it will make transferring provident fund account really fast and easy.
Once the service is launched, subscribers would be able to apply online for transfer claims through their employers. It has set up a central clearance house for the purpose.
During 2012-13, 107.62 lakh claims were settled, of which 88 per cent were processed within 30 days, as prescribed by the body's citizen charter.
EPFO expects 1.2 crore claims in 2013-14, including around 13 lakh PF transfer claims. It plans online settlements of about 10 lakh transfer claims of tech-savy applicants from industries such as IT, this fiscal.
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