Permanent Provident fund account number will come in 2014-15

Permanent provident deposit (PF) account variety, which will help over five crore EPFO members to reduce the process connected with transf...

Permanent provident deposit (PF) account variety, which will help over five crore EPFO members to reduce the process connected with transferring their accounts on changing work, will be a fact in 2014-15.

The permanent PF accounts number would in addition help provide cultural security benefits in order to workers in significant like construction where by they change contractors and workplace frequently.

According towards the 'Action Plan' handed over by the Labour Ministry towards Employees' Provident Fund Organisation (EPFO), the body has to do place a technique for unique employee number which will eventually make its facilities at par with core banking support.

"The EPFO is working away at the system to deliver permanent account numbers to its customers. It is not difficult to provide that facility in 2014-15, " a top EPFO official explained.

To provide everlasting PF account numbers to subscribers, EPFO should set up a new central server which will be connected in order to its all 123 field offices.

At found, the EPFO subscribers have to apply for move of PF accounts on changing work. They are provided a whole new PF account number each and every time they change work.

The retirement fund body has recently started the service of online move of PF accounts on changing work in October last year.

However, there are a sizable number connected with PF transfer states, which are filled out manually because all firms covered by EPFO have not registered their a digital signatures, which is a prerequisite for the internet facility.

The facility connected with online transfer connected with PF accounts has reduced the effort load of EPFO considerably as over 13 lakh people are filed pertaining to such claims yearly.

The EPFO desires 1. 2 crore states in 2013-14, as well as around 13 lakh PF move claims. During 2012-13, the item settled 107. 62 lakh claims, 88 percent of which had been processed within thirty days, as prescribed because of the body's citizen constitution.