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(Serious) Words of Wisdom : "The stock market is a giant distraction from the business of investing." ~ John Bogle

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.

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... THREE VALUABLE TIPS ...

1. 'Stock Markets At An All-time High' Is Absolute Nonsense
All-time high at the Stock Markets
Do you believe, at current market levels, you are standing at the edge of a cliff?

 


2. Family Floater Health Policy: Insure Your Parents Separately
Family Floater Health Insurance
Wider and cheaper health cover is possible if parents are insured separately.

 


3. Herd Mentality: Why Do We Follow The Crowd? And Is It OK?
Herd Mentality: Is it good?
(Blindly) follow the crowd and your investments could suffer deep losses.