Provident fund account to be updated monthly from October

KOLKATA: From this October, your provident fund account will be updated every month. Central provident fund commissioner KK Jalan said that...

KOLKATA: From this October, your provident fund account will be updated every month.

Central provident fund commissioner KK Jalan said that Employees' Provident Fund Organisation is all set to unveil a system of monthly updating account on September 6.

This is part of EPFO's online drive to make it customer friendly. It is also going to move to core banking solution for 40 lakh pension accounts which will enable pensioners get payment on the first day of every month.

The organisation is working on to rehaul its cutomer identification system and plans universal number for every member from this fiscal.

"We want to be a employee centric organisation. At present, we are employer-centric body," Jalan said Monday in Kolkata.

The universal number will work like a bank account and whenever an employee shifts job, the new employer will feed in the unique number into the system for seamless continuation of the fund.

"We hope to introduce this system this fiscal," Jalan said

Source : http://economictimes.indiatimes.com