Online PF transfer for workers under private trusts from July

Tags: News
The organised sector workers covered under private PF trusts, which manage their employees' retirement fund themselves, will be able to transfer their PF accounts online from July this year.

There are over 3,000 private Provident Fund (PF) trusts which are managing the accounts as well as retirement fund of their workers. These trusts are regulated by the Employees' Provident Fund Organisation (EPFO).

"The EPFO has planned to launch the facility of online transfer of PF account from private PF trusts to exempted firms which are filing PF returns and vice-versa, in July this year," an official of the body said.

Un-exempted firms are those firms which maintain the PF accounts of their workers with EPFO. There are over five crore active subscribers whose accounts are being managed by EPFO.

The EPFO is expected to complete the work on the mechanism to enable transfer of PF accounts from a private PF trust to an un-exempted firm and vice-versa by June end this year, he added.

The online transfer of PF claims facility has been made available after the EPFO launched its online transfer claim portal (OTCP) on October 2, last year.

At present this facility is available to workers of (un-exempted) firms which do not have their PF trusts and manage their employees' accounts with their respective regional fund commissioners.

The facility of online transfer of provident fund accounts is aimed at reducing the work load of the body substantially as over 13 lakh applicants file such claims every year.

During 2012-13, the EPFO settled 107.62 lakh claims, 88 per cent of which were processed within 30 days, as prescribed by the body's citizen charter.

The EPFO has settled 1.21 crore claims in 2013-14, including about 12 lakh PF transfer claims. As much as 98 per cent of these claims were settled within the prescribed 30 day period.

EDITORIAL OF THE DAY

  • Right to reveal

    Delhi is India’s first state to announce a scheme for witness protection. But what about the witnesses in other states?

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

Urs Schoettli

New masters of the Financial Times

A few days ago, Japan’s leading financial daily Nihon Keizai ...

Anuja Sharma

Focus mindfully to get the result

Have you ever tried to light a fire using the ...

Gautam Gupta

Our fashion schools need to notch it up

“Creativity is the key to success and primary education is ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture