EPFO members to access accounts real time

Nearly 50 million members of Employees' Provident Fund Organisation (EPFO) will be able to access their PF accounts online on real time basis by mid-October, an official said Sunday.

EPFO subscribers would be able to access their permanent or universal account numbers (UANs) through a dedicated members' web portal likely to be launched by Prime Minister Narendra Modi Oct 16, the official told IANS.

Oct 15 is the deadline for companies to submit their employees' core banking account number with IFSC code of the bank branch to EPFO to facilitate allotment of a universal PF account number and payments to subscribers.

UAN will give the facility of collation of accounts, viewing of updated accounts as well as downloading the same and collation of pensionable service.

It will be portable throughout the working career of members and can be used anywhere in India.

Thus, workers in the organised sector would not need to apply for transfer of PF account claim on changing jobs.

In August, EPFO decided to retain 8.75 percent interest rate on Provident Fund deposits for its nearly 50 million subscribers in 2014-15 and employed in 430,000 companies.

According to EPFO, it has already captured bank account details of over 20 million employees, PAN details of nearly 10 million and Aadhar numbership in respect of 3.54 million workers.