JOIN US Employees Provident Fund Organisation (EPFO) Friday went online, enabling its more than five crore subscribers to access their accounts on real time basis.
It also announced that online transfer of PF accounts on switching jobs would become functional next month.
Labour Minister Sis Ram Ola launched the online transactions in the presence of Minister of State for Labour and Employment Kodikunnil Suresh and EPFO’s Central Provident Fund Commissioner K K Jalan.
Software released
The software for updating the provident fund accounts in batches was also released.
“The online facility will help prompt settlement of claims,” Ola told reporters.
“Now, the EPFO would be able to provide annual account statement online by April or May with interest credits,” said Jalan.
Before going online, EPFO was required to provide annual PF account statement by September 30 for the preceding financial year, but often missed the deadline.
EPFO expects around 13 lakh transfer claims this fiscal. Every year, it receives about 1.2 crore claims, including transfer, pension and withdrawal of Provident Fund.
Jalan also said that the institution will make efforts to settle all types of claims in less than three days as against the present 30-day deadline.