EPFO asks field staff to update 94.13 lakh PF accounts

Tags: News
Retirement fund body EPFO, which has launched e-passbook service to enable its over five crore members to access monthly update of their accounts online, is yet to update 94.13 lakh accounts.

Taking a serious view of the slow progress, Employees' Provident Fund Organisation (EPFO) has asked its field staff to update all PF accounts for 2011-12 by March end.

"As on December 21, 2012, it is observed that 94.13 lakh accounts are pending for updation for the year up to 2011-12. This includes the pendency of 7.23 lakh, 10.06 lakh and 76.84 lakh accounts for 2009-10, 2010-11 and 2011-12 respectively," EPFO said in a communication to zonal and regional provident fund commissioners.

Concerned over the slow progress, the order said, "...Few of the offices have already achieved the target but majority of the offices are still lagging behind the stated target."

The accounts of members for 2011-12 should have been updated by September 30, 2012, the EPFO said, adding, "it has been decided to update all members' accounts for 2011-12 latest by March 31, 2013."

It observed that slow progress over updation of members' accounts was delaying the process of settlement of claims.

The PF accounts, said A D Nagpal, an EPFO trustee and Hind Mazdoor Sabha Secretary, "needs to be updated regularly especially when they have provided employers electronic challan cum return (ECR) facility".

The ECR facility allows employers to upload PF returns online and making payments through Internet banking of SBI or at any of its designated branch.

Earlier, EPFO was criticised by CAG and Finance Ministry when it decided to pay 9.5 per cent interest for 2010-11 after it found around Rs 1,700 crore in suspense account. They had pointed out how could they ascertain excess funds in suspense accounts in the absence of regular account update.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • Banks might be bracing for intense rate war for retail loans

    While select small banks have been slashing their deposit rates by five to 10 basis points over the past few weeks for short term adjustments to avoid

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Tushar Gandhi

When too little could mean too late

The calamity in Jammu and Kashmir has once again shown ...

Purnendu Ghosh

Why art and science are natural partners

Art is qualitative and is generally associated with emotions. Science ...

Shona Adhikari

A toast to established and emerging talent

This week, our focus is on upcoming exhibitions in the ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture