Online transfer of provident fund accounts in the first fortnight of October, a move that will benefit over 13 lakh applicants every year will be launched by Retirement fund body EPFO. EPFO`s Central Provident Fund Commissioner K K Jalan said, “We have completed live testing of online transfer of PF account facility. We are in a position to launch the service any time. The facility will definitely be launched during the first fortnight of October.”
The Employees` Provident Fund Organisation (EPFO) is planning the launch after the new Labour Secretary takes over on October 1. Once it starts, PF subscribers who have changed jobs can apply online for transfer claims through their employers.A central clearing house has been set up for this purpose and the body plans to reduce the time for transfer of PF accounts to three days through the online service.
The EPFO started registering digital signatures of companies from July 25, a prerequisite for the facility.According to Jalan, job changes are more frequent in big firms employing more than 500 workers, especially in sectors such as information technology. The body managed PF accounts of about 6.9 lakh establishments in 2011-12.The body says it`s easier for companies in sectors such as IT to register digital signatures as they already maintain them to comply with Ministry of Corporate Affairs requirements.
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