1. EPFO streamlining inoperative accounts data for smoother flow of benefit to members

EPFO streamlining inoperative accounts data for smoother flow of benefit to members

As part of the exercise the organsiation has asked its offices to update the data related to date of birth of members of all inoperative accounts.

By: | Published: September 7, 2016 4:22 PM
ETF Mutual Fund, ETF Investments, ETF Securities The Employees’ Provident Fund Organisation (EPFO) is streamlining its data on inoperative accounts to make it easier for members to avail of the EPF benefits.(PTI)

The Employees’ Provident Fund Organisation (EPFO) is streamlining its data on inoperative accounts to make it easier for members to avail of the EPF benefits.

As part of the exercise the organsiation has asked its offices to update the data related to date of birth of members of all inoperative accounts.

“Information regarding each of the subscribers is an important factor in determining membership, pension and quantum of pension and other benefits to the subcribers of EPFO. It has been noticed that in a number of inoperative accounts the date of birth of the member is not available,” the EPFO has said.

EPFO has said that “in view of the gaps in the member master, there is an urgent need or requirements to capture the date of borth either with the available Form 9 or Form 5 or from the last employer where the inoperative member worked.” It has directed all regional, sub-regional offices are directed to undertake the exercise of updating the date of birth data in a timebound manner.

Inoperative accounts are those where no transaction has taken place for 36 months. These are also accounts where claims could not be settled due to technical reasons such as absence of communication address or amounts remitted to the member could not is not claimed within 36 months from the date when it has become payable and where any member who has either ceased to be employed or died, but no application for withdrawal or transfer, has been made within a period of 36 months from the date it becomes payable.

The EPFO has said that its field offices have pointed out that in many inoperative accounts, the date of birth is available in the Form 9 where member details are filled but not available in computer data base.

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