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Online PF transfer for workers under private trusts from July 2014 | Online PF Transfer Process 2014
THE organised sector workers covered under private PP 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 un-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 10 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 trans-fer 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.
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 un-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 10 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 trans-fer 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.
Posted in: News 2014
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