In an announcement made by the Central Provident Fund Commissioner, the onus of getting PF Account verified from employers would now shift to Employees Provident Fund Organization (EPFO) in the new online system for transfer and withdrawal claims. There are estimated 50 million subscribers of the body who will be able to apply on line for transfer and withdrawal of their provident fund with effect from July 1, 2013. This decision of the concerned authority will immensely facilitate speedy settlement of their provident fund account. The biggest delay in transfer of provident fund usually takes places when an employee is transferred from one department to another department. For years at end, his provident fund account would remain in limbo before a final settlement would be in sight. Now an employee can very easily trace the details of his provident fund and withdraw or transfer without hassles. Central Provident Fund Commissioner has also revealed that the department is now working on allotment of number to the subscriber which will further ease his monitoring of provident fund account. However, that might take about a year because many niceties of the process have to be fulfilled.
One important result of online monitoring of provident fund will be that it will curb corruption mostly at lower levels of administration. The subscribers generally complain of harassment by the staff whenever they need to withdraw from their provident fund or finalize the account at the time of retirement. Hopefully with making online withdrawal facility available to the employees, the possibility of corruption and bribery will be checked.
The State Government should also order for full computerization of State’s Provident Fund Department onlines of their counterparts in Centre. This would bring great relief to millions of employees across the State.
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