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EPFO to go paperless by August 2018

The EPFO has a corpus of over Rs 10 lakh crore

Press Trust of India  |  New Delhi 


Retirement fund body will go paperless by August next year as part of initiative, which would improve delivery of services for its five crore subscribers.

The Employees' Organisation (EPFO), which runs social security schemes like EPF, pension and for formal sector workers, has already launched a host of online services like EPF withdrawals.

This will be a big boom for the formal sector workers as well as their employers. The online facility would help the do away with the public interface for reducing chances of corruption and public harassment.

"The has set a target. We have decided to make electronic paper-free organisation by next the Independence Day where all services will be provided electronically (through online or mobile handsets)," Central Commissioner V P Joy said after flagging of a Trinaga Yatra.

He further said that once the EPFO goes paperless, people would not have to visit the offices to get their work done and save man hours.

Joy also talked about the EPFO's housing scheme where the body provides facility to make down payment to buy home and pay equated monthly instalment through their EPF accounts.

The EPFO has a corpus of over Rs 10 lakh crore. It had managed investible deposits of Rs 1.5 lakh crore last fiscal.

The EPFO runs three schemes -- Employees Scheme 1952, Employees Pension Scheme 1995 and Employees Deposit Linked Scheme 1976.

First Published: Thu, August 24 2017. 18:47 IST