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.

EDITORIAL OF THE DAY

  • Finance minister has been pragmatic in exempting FIIs from MAT claims

    Good sense has finally prevailed in the government, with finance minister Arun Jaitley announcing the income-tax officials will exempt overseas funds

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

Sarthak Raychaudhuri

vice-president, HR, Asia South Whirlpool of India

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

TODAY'S COLUMNS

Amita Sharma

Examining times for learning

The central advisory board of education in its meeting on ...

Zehra Naqvi

If you bend, you won’t break

There’s an ancient exercise about a green, supple new branch ...

Gautam Gupta

Bring on the Benares brigade

It was in 2003 when I first started work and ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture