Organized sector workers insured under private PF trusts, which manage their employees’ retirement fund themselves, should be able to transfer their PF balances online from July this coming year.
There are in excess of 3, 000 individual PF trusts, which manage the accounts in addition to retirement fund of their workers. These trusts are regulated through the Employees’ Provident Fund Organisation (EPFO).
“The EPFO provides planned to introduction the facility associated with online transfer associated with PF account by private PF trusts for you to exempted firms, which might be filing PF returns and vice versa, in July this coming year, ” an official in the body said.
Un-exempted firms are those who maintain the PF accounts of their workers with EPFO. You'll find over 5 crore energetic subscribers whose accounts are now being managed by EPFO.
The internet transfer of PF claims facility may be made available following EPFO launched the online transfer declare portal (OTCP) with October 2, recently.
At present, this facility can be found to workers associated with (un-exempted) firms which would not have their PF trusts along with manage their employees' accounts with their respective regional pay for commissioners.
The facility associated with online transfer associated with provident fund accounts is directed at reducing the work load in the body substantially as over 13 lakh job seekers file such claims annually.
During 2012-13, the EPFO settled 107. 62 lakh claims, 88% which were processed within thirty days, as prescribed through the body's citizen charter.