The retirement fund manager EPFO is planning to replace PF account number with UID number, a move which will help in speedy transfer of a subscribers’ funds in case of job change and allow them to track their accounts online.
The replacement of PF account number with the UID number will be done after inter-connecting all regional and sub offices of the Employees’ Provident Fund Organisation (EPFO) by March 2012.
Besides expediting the transfer of funds from one office to another, it would help reducing the number of withdrawals. Moreover, every subscribers would be able to track his account online.
Digitalization and use of UID as PF A/c number would also facilitate the subscriber to apply for transfer and withdrawal online.
EPFO having a subscribers’ base of about 4.7 crore, processes over 60 lakh claims every year. It manages about Rs three lakh crore of funds and receives an incremental deposit of over Rs 25,000 crore every year.
Categories: Personal Finance