March 1, 2014
The number will help reduce the workload of the EPFO to a great extent
Retirement fund body Employees Provident Fund Organization (EPFO) has asked its field staff to clean up records as it plans to issue universal (permanent) account numbers soon to its over 5 crore subscribers.
March 1, 2014
The number will help reduce the workload of the EPFO to a great extent
Retirement fund body Employees Provident Fund Organization (EPFO) has asked its field staff to clean up records as it plans to issue universal (permanent) account numbers soon to its over 5 crore subscribers.
The account number will help those workers in organized sector workers who frequently change jobs, particularly in the construction sector. It will help them to avoid filing claims for transfer of provident fund (PF) accounts on change of job.
"EPFO is going to soon roll out universal account numbers for its members," state the minutes of a recent meeting of the EPFO which was chaired by its Central Provident Commissioner KK Jalan.
The number will help reduce the workload of the EPFO to a great extent. Every year, EPFO receives over 12 lakh claims for transfer of provident fund account on changing jobs by its subscribers. A subscriber with permanent account number would not be issued new PF account number on joining new employer.
Jalan said at the meeting that cleaning up the records was very critical to the next phase of reforms in EPFO. That includes rolling out universal account number for EPFO subscribers.
Courtesy: PTI
