Retirement fund manager EPFO on Friday launched a facility to enable its over 5 crore (50 million) subscribers view updated accounts online on real time basis without waiting for their annual PF account slips.
Besides this, the Employees' Provident Fund Organisation has announced it would put in place the facility for online PF account transfer claims on changing jobs next month.
The facility for viewing PF accounts online was launched here by Labour Minister Sis Ram Ola in the presence of Minister of State for Labour and Employment Kodikunnil Suresh and EPFO's Central Provident Fund Commissioner K K Jalan.
"The facility will help people to view accounts online who earlier had to wait for long time to know about their account details. Besides it would help in settling various claims well in time," Ola told reporters.
The minister launched the software for updating the provident fund accounts
Elaborating about the facility Jalan said, "The facility would enable the EPFO to update accounts on real time basis.
Now we would be able to provide annual account statement online by April or May every year with all due interest credits."
As per the practice, EPFO is supposed to provide annual PF account slips for its subscribers by September 30.
For instance for 2012-13, it is required to provide account slips by September 30,2013.
However, the deadline is often being missed.
Jalan also informed that EPFO would launch the facility of online transfer of PF accounts next month and that the body is conducting live tests of the service.
EPFO is expecting around 13 lakh transfer claims this fiscal. Every year, the body receives about 1.2 crore (12 million) claims, including transfer, pension and withdrawal of Provident Fund.
Jalan also said that it is endeavour of the body to settle all types of claims in less than three days as against the prescribed 30 days period.