The department is ready to provide the facility on its website, labour minister to review the facility today.
“The updation of accounts is currently on by all the 120 offices across the country and we are expecting that the subscribers will be able to view their account balance online from July 1 this year,” a senior EPFO official told Business Standard.
He said in the first phase, members would be able to view their EPF balance of the previous financial year on the website by quoting their account number. “In the next phase, accounts will be updated to show the latest balance. This might take 3-4 months after the introduction of the facility in July.”
The initiative is expected to address major grievance of EPF subscribers as, at present, it is difficult to ascertain the exact amount in the EPF independently at a particular time. Once it is possible to view the account balance, the members will be able to put pressure on the concerned offices in case the contribution has not been deposited.
“This will bring a lot of transparency in the whole process of employers submitting EPF contributions in the accounts of employees. Ninety per cent of the grievances on whether the money has been submitted or not, would be over,” said the official.
On the question of the possible misuse of the facility as others would be able to view the EPF account balance of a particular member if they know his EPF number, the official said: “We dwelt on this issue extensively and ultimately it was decided that in the interest of transparency, this facility should be allowed.”
The measure is part of the EPFO’s efforts to improve service delivery. Labour and Employment minister Mallikarjun Kharge is meeting EPFO officials from 120 offices across the country on Wednesday to discuss the steps for improving service delivery by the organisation. The minister will assess the account updation status at various offices and steps associated with improvement of service delivery.
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The deficit was 76% during the comparable period last fiscal