Here is some good news for everyone who contributes towards provident fund from your salary with Employees Provident Fund Organisation (EPFO) of India. Going forward, salaried people would no longer have to go through the tedious and rather long process of knowing the details of their PF account. Every bit of information related to Provident fund that you may want to track would be just a ‘click’ away in the very near future!
This would be a great tool to about 4.5 crore PF subscribers in
India. One this system is online, all the PFaccounts across the country would be made available online.
The facility is expected to be fully functional from December this year, according to Labour Ministry sources as quoted by one of the prominent news papers recently. Due to the sheer size of the number of accounts, it wouldn’t be an easy task for the government organizations to solve this in a short span of time. Also the paper quoted – “EPFO officials revealed that computerization of its operation took them eight years. Since April, a test run of the facility has been implemented.”
In the first phase of implementation after opening it for subscribers online, account balance will be made available. In the latter part of the project, which might roll over to sometime in 2010, the subscribers would be able to view their contribution, interest accrued, status of application for advances, loans and a host of other activities.
Of all it will offer transparency in PF operations and subscriber who is completely dependent on the employer for any information for his account will have freehand once this is launched. Also this will put pressure on the employer for timely submisssion of PF amount to the accounts of their employees.
