Subscribers of the employees provident fund organisation will soon be able to monitor their accounts online – a move that will serve the twin purpose of putting pressure on erring employers to make regular payments and nudging regional EPFO offices to update accounts regularly. The EPFO has already put in place a software for all its 120 regional offices for updating accounts year-wise that will help it meet the finance ministry’s challenge of updating all pending accounts by September this year.
The software for accounts update has been developed in-house by the EPFO’s technical staff who are now working on moving a step ahead by making information available on individual accounts on-line.
Subscribers will only have to put in their account numbers and select their regional offices to see the amounts in their accounts up to the last update, it was likely to be place in the next four months.
This move will help subscribers keep a tab on whether employers are making regular payments into their accounts and also whether EPFO offices are updating accounts regularly.
Since the general public can now see the number of pending accounts with the EPFO, there will be a social pressure on the organisation of doing its job well.
The EPFO handles about .`3.5 lakh crore corpus annually.
Categories: Personal Finance