Business

Online EPF withdrawal, pension fixation to be a reality by May

Retirement fund body EPFO is expected to launch online facility for settlement of claims, including EPF withdrawal and pension fixation, by May this year to put an end to tedious paper work by its members.

At present, the Employees' Provident Fund Organisation (EPFO) receive close to 1 crore applications manually for settlement of EPF withdrawal claim, pension fixation or getting group insurance benefit by deceased persons.

"The process of connecting all field offices with a central server is going on. We may introduce the facility for online submission of all types of applications and claims like EPF withdrawal and pension settlement by May this year," EPFO's Central Provident Fund Commissioner V P Joy told.

Joy said that all EPFO offices would be connected to central server in couple of months following which the facility of online submission of all sort of applications can be introduced.

EPFO has an ambitious plan to settle the claims within few hours after filing of application. For instance, it has plans to settle the EPF withdrawal claim within three hours of filing of online application.

As per the scheme, EPFO is required to settle all claims within 20 days from filing of the application for settlement of pension or EPF withdrawal.

Under the pilot, the EPFO has already connected its around 50 field offices with the central server.

In a recent review meeting on digitisation in the EPFO, the field formations and Information Services wing has been asked to link all 123 offices with the central server so that subscribers can be provided services online.

EPFO has made it mandatory for all subscribers as well as pensioners to submit their Aadhaar number. This will help linking EPF account, pension account, bank account and Aadhaar number which would eventually facilitate providing a host of online facilities to subscribers like online withdrawal and fixation of pension.

The body has recently extended the deadline for submitting Aadhaar for its subscribers and pensioners till March 31, 2017. Seeding of Aadhaar number with the EPF, pension and bank accounts is required for settling claims online to reduce public interface for bringing in more transparency.

Naveen unveils Skilled-in-Odisha Logo, Bhubaneswar Skill City map

Bhubaneswar: Chief Minister Naveen Patnaik on Thursday unveiled the brand identity logo of 'Skilled in Odisha' campaign of the State Government skill ...

Indian cities 149% more congested than Asian counterparts

New Delhi : Indian cites are 149 percent more congested than other Asian cities, said Uber commissioned BCG report on Wednesday.According to the Bosto...

IT Dept employees directed to follow dress code

New Delhi: The Income Tax (IT) department issued an order to its employees directing them to adhere to the prescribed dress code imposed through the r...

'Temporary shortage' of cash is being tackled quickly, assures FM Jaitley

New Delhi: Union Finance Minister Arun Jaitley on Tuesday called the cash crunch in the country as a 'temporary shortage' and assured that the situati...