Jun 16, 2013

Online PF Transfer, Withdrawal
EPFO Announced that from July 1, 2013 PF Subscribers can withdraw or transfer their found online, without any paper work. This will be benefit speed the process and over 50 million subscribers can be use this facility.

The facility will enable subscribes to track online the status of their applications for transfer and withdrawals.

However, the EPFO’s ambitious plan to provide permanent account number to all subscribers would be possible by early next year.

Under the new online system, the onus of verifying the details of the PF account from previous employers would be on the EPFO end. At present, employees have to get their applications verified from their employers for settlement of claims.

EPFO’s Central Provident Fund Commissioner Anil Swarup told reporters at PHD conference

We have decided to set up a central clearance house which will be operational on July 1. This will enable subscribers to apply online for settlement of the withdrawal and transfer of funds claims.

The biggest problem faced by the subscribers is transferring their accounts on change of job. This central clearance facility will expedite the process.

It would be done in 8-10 months. Since the process of providing permanent account number to all subscribers will take time, we thought of setting up central clearance house first.

The onus of getting the detail of the PF account verified from employers would be on the Employees’ Provident Fund Organisation (EPFO) in the new online system for transfer and withdrawal claims.

0 comments: