Retirement fund body EPFO will launch online PF fund transfer and withdrawal facility in the first week of July, benefiting over 50 million subscribers.
New Delhi: Retirement fund body EPFO will launch online PF fund transfer and withdrawal facility in the first week of July, benefiting over 50 million subscribers.
"We are planning a soft launch of facility to apply online for transfer and withdrawal of the provident fund on July 3 or 4," recently appointed EPFO's Central Provident Fund Commissioner K K Jalan told PTI.
Earlier, the Employees' Provident Fund Organisation (EPFO) had planned to launch the service on July 1.
According to sources, Jalan will be meeting the new Labour Minister Sis Ram Ola on Monday to chalk out further plan of action.
EPFO is expecting 1.2 crore claims in the current fiscal. Its own estimates indicate that as many as 5,38,704 claims were pending as on June 11 this year. The body has already called all zonal heads for a meeting on July 5 to work out a plan to settle a large number of claims in three days.
EPFO is in the process of setting up a central clearance house, which will enable subscribers to apply online for withdrawal claim settlements and transfer of funds.
The biggest problem faced by subscribers is with regard to transferring their accounts on change of job. This central clearance facility will expedite the process, a union leader said.
The facility will also enable subscribes to track online the status of their applications on transfer or withdrawals.
Under the new system, the onus of verifying details of PF account from previous employers would be on the EPFO.
At present, employees have to get their applications verified from their employers for settlement of claims.
However, the EPFO's ambitious plans to provide permanent account numbers to all subscribers to avoid filing for PF transfer claims in the event of changing jobs will be possible only next year.