The Most Authentic Guide on Personal Finance and Investments


Massive changes in Mutual Fund Schemes post categorization and rationalization.
Have you "reviewed" your portfolio?  For a quick analysis, email it to us at contact@wealtharchitects.in @Rs.1000 Rs.699 only. Limited Period Offer!

EPFO's journey from apathy to dynamism

Many among us would have experienced the apathy and indifference of the Employees Provident Fund Organisation (EPFO) in the past. Remember the times when we got our PF account statements once in a year? Remember how we had to struggle to get the account transferred to our new organisation after job change? 

However, in recent years we have seen EPFO undergoing metamorphosis from an ugly caterpillar to a beautiful butterfly.

Some of the path-breaking changes implemented / to-be-implement soon include the following:

- You can now check your PF account balance online in a few simple steps (Read 'Have you checked your Employee Provident Fund (EPF) Account balance?')

-  It is now possible to even download the e-passbook of your account from EPFO's website (Read 'Download your Employees Provident Fund (EPF) E-Passbook')

-  Requests for transfer of account from the old to the new employer can be submitted and tracked online

- The timeline for clearing transfer / withdrawal requests is targeted at 3 days from 30 days earlier.

-  EPFO will be responsible to verify the details of the your account with your previous employer.

-  In fact, in a few months, the need to transfer accounts would totally vanish, as EPFO proposes to allot a permanent or Universal Account Number. Since the account number will not change with the change in employment, transfers would become redundant.

-  In a few months time, 100% of the payments from PF would be made electronically to the bank accounts. In other words, no cheques.

-  Redress against any grievance can be sought by lodging an online complaint    

-  Life becomes easy for employers too, with many activities shifted to online mode

Of course, there would be the usual initial hiccups that come with any change... especially the one so monumental. Nevertheless it is a change for good and is surely welcome after years of sufferance.

You Learn A Lot By READING... And Even More By SHARING.

Share Button

Ignorance is like a SIGNED BLANK CHEQUE... anyone can MISUSE it.

Subscribe via Email
Books by Sanjay Matai
[Click on the Pic for more info on my books.]
Powered by Blogger.

MUST READ Posts - Jun'18

a. Tell Your Banker To Be A Waiter
Banker as Waiter
Beware, your banker may be acting in his own interest... not yours.

 


b. CAN SLIM : How To Make Money In Stocks
CAN SLIM Formula to Pick Stocks
Are you picking the right equity shares to buy (or discard)?

 


c. Warning! You Will Lose Your Money In A Scam.
Don't be cheated or swindled.
Don't be cheated and swindled... keep your eyes, ears, nose open for trouble.