Retirement fund body EPFO has thought we would make all expenses to its beneficiaries as a result of electronic mode from September this coming year, including provident account claims.
"The Employees' Provident Deposit Organisation has thought we would make 100 percent e-payment of gains by August thirty-one, 2014, " a new senior EPFO
He said at present around 93 percent of the gains are transferred as a result of electronic mode. Beneath this facility, the benefits such as PF withdrawals usually are directly credited on the beneficiaries' account without cheque or financial institution draft is issued.
In the found scenario, EPFO settles around one crore claims in a very financial year. It has settled 1. 7 crore subscriber claims, including withdrawal and transfer of provident account, in 2013-14, an expansion of 13 percent over the past year.
"Thus, making payment as a result of electronic mode won't improve the efficiency with the EPFO, but it will also reduce the unwanted paperwork for giving cheques to beneficiaries, inches he opined.
Apart from settling claims, the EPFO creates payment to all around 44 lakh pensioners monthly. It is digitising it's pension data with the aim and will possess a centralised data program.
The digitising regarding pension data work is required to be completed in three to four months.
The official explained that among other making EPFO transactions paperless, the employers acquiring account in banks apart from State Bank of India can pay PF dues online from September.
At present, employers having account in SBI, can pay PF dues online.
According to your ex, all this digitisation process is aimed at making EPFO products and services at par along with core banking services supplied by the banks.
EPFO can also be contemplating providing long term or universal account number going without running shoes all active customers by October this coming year.