Online transfer of PF accounts on changing jobs will soon be a reality as retirement fund manager EPFO has started registering digital signatures of employers, a prerequisite for providing the facility.
According to an official circular, the Employees' Provident Fund Organisation (EPFO) has directed its over 120 field offices to depute a nodal officer to facilitate the registration of digital signatures of firms.
The facility of uploading digital signatures will be available on the Online Transfer Claim Portal through the EPFO website, www.Epfindia.Gov.In.
According to EPFO, the success of online transfer of PF accounts would depend on how many employers register their digital signatures, which are essential to authenticate transfer claims.
Taking the first step towards launching online PF transfer claim facilities, EPFO had earlier this month unveiled a revised claim form for the purpose.
EPFO is likely to start the online PF transfer claim facility by the end of next month. With this, EPF subscribers would be able to apply online to transfer their accounts through their new employers.
The revised transfer claim form can be presented after verification by the present employer or the previous employer. Previously, the form could be submitted only after verification by the present employer.
EPFO has set up a central clearance house to enable subscribers to apply online for PF withdrawal and transfer claim settlements.
During 2012-13, 107.62 lakh claims were settled, of which 88 per cent were processed within 30 days, as prescribed by the body's citizen charter.
EPFO expects 1.2 crore claims in 2013-14, including around 13 lakh PF transfer claims. It plans online settlements of about 10 lakh transfer claims of tech-savy applicants from industries such as IT this fiscal.