K.K. Jalan in Calcutta on Monday. A Telegraph picture
Calcutta, Sept. 2: Provident fund subscribers can get monthly updates of their holdings on the Internet from next month.
Central provident fund commissioner K.K. Jalan today said the necessary technological infrastructure had been installed and the new system of offering monthly updates through the Internet could be unveiled on September 6.
Over 4 crore active PF subscribers will benefit from the move.
“When the system is in operation, the account updates could happen every month,” Jalan today said on the sidelines of a seminar of the Calcutta chapter of the Social Security Association of India.
To get the update, the user should log into the EPFO website (www.epfindia.gov.in) and click on the “know your EPF balance” segment. The user will require to key in their account number to access details.
At present, account holders are provided with annual slips, but the statement is delayed by several years. The electronic passbook offered by the organisation is also not available on a real-time basis.
Jalan said the move was part of an initiative by the Employees’ Provident Fund Organisation (EPFO) to improve customer services and lower the time lag in updating the account statements.
“We want to be an employee-centric organisation. At present, we are an employer-centric body,” he pointed out.
The organisation under the administrative control of the ministry of labour and employment is also looking to provide core-banking solutions (CBS) to 40 lakh pensioners — a move that will enable them to get payment on the first day of the month.
“More than 85 per cent will be on CBS by the end of this month. So, the November pension, I feel, if not 100 per cent, more than 97 per cent will be through CBS,” Jalan said.
The commissioner further said the EPFO was working at developing a universal number system for all its subscribers.