Monday, October 3, 2016

PF, pension withdrawal may soon be only a click away

The EPFO is developing two apps for pensioners and PF subscribers.
The cumbersome procedure to withdraw provident fund or pension will likely come to an end soon, with the EPFO developing two new softwares (apps) to make the entire process digital.

One of the softwares will be for PF subscribers and the other, for pensioners.
The government is also planning to get all the regional offices on board with its new system, to make sure that PF and pension subscribers no longer have to go to the offices to get details and updates about PF.
Zee Business said that the app will also let you apply for a loan with the EPFO and the entire process will be possible without visiting the regional office.
The EPFO expects to roll out the apps in the next two months.
The new apps, will completely take out old employers from the equation.
Under the current system, to withdraw the PF, it is necessary to fill the form 10 c and Form 19. Your old employer will then verify all the details and send it to the EPFO. The entire procedure takes about 15 days, longer, if any details are amiss.

The EPFO is currently matching the Universal Account Numbers and digital signatures of its subscribers to with the rest of their details to create an online database. A notification has been issued for this. In this, if you want to withdraw your PF, then you can fill the online forms and EPFO will verify it with the digital data and deposit money into your bank account. The middle man, or your employer, will be eliminated.
On the new software, app, information about the company and employee will be made available.

The new apps will also double up as a customer grievance platform. It will be possible to file complaints on the app. It will also give you updates on the actions that are being taken on your complaint only by providing the complaint number.

Posted by at 1 comment:

EPFO to facilitate pledging of PF for buying low-cost homes by next year

The Employees Provident Fund Organisation (EPFO), the retirement fund body, will allow subscribers to pledge their provident fund against monthly installments of loans for buying low-cost houses beginning next fiscal, reports quoting EPFO sources said.
"We are working on a housing scheme for the subscribers of the Employees' Provident Fund Organisation (EPFO). We can launch the scheme in 2017-18 after introduction of our online service like settling PF withdrawal claims by March-end," PTI quoted Central Provident Fund Commissioner V P Joy as saying.

The scheme will enable subscribers to pledge their PF corpus to buy homes and pay home loan EMIs through their EPF Account, says the report.

As per the proposed scheme, there will be a tripartite agreement among the member, the bank / housing agency and the EPFO for pledging future PF contributions as EMI payment.
A committee appointed by the EPFO had last year suggested such a scheme for low income EPFO subscribers who could not otherwise buy a house during their service period.
The proposal for facilitating the EPFO subscribers to buy low cost homes was also listed on the agenda of the CBT meeting held on 16 September last year.

The report of the committee was also  presented to the trustees during the meeting.
The committee has unanimously recommended that subscribers be paid an advance from the accumulated fund to subscribers for booking the houses and allow to pledge their future PF contribution against loans from banks or housing finance companies as EMI payment.

It may be noted that labour minister Bandaru Dattatreya had told Lok Sabha in a written reply in May that the government was exploring the possibility for providing a suitable low-cost housing scheme for subscribers of Employees' Pension Fund.
It is likely that the benefits under the scheme of ministry of housing and urban poverty alleviation will also be extended to the beneficiaries of the scheme.

Posted by at No comments:
Labels:
Subscribe to: Posts (Atom)