Providence pays

Dec 04 2012, 01:00 IST
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SummaryThe Employees’ Provident Fund Organisation has launched an online passbook scheme where subscribers can keep track of their retirement fund and get alerts on the employer’s contribution as well every month.

The Employees’ Provident Fund Organisation (EPFO) has launched an online passbook scheme where subscribers can keep track of their retirement fund and get alerts on the employer’s contribution as well every month.

The e-passbook will show transaction-wise details of account (all credits and debits) since the month for which the details for the establishment have been processed in the new application software at the field offices.

Members of EPFO can register themselves on the portal, www.epfindia.gov.in. by using their photo identification number, such as Aadhaar, Permanent Account Number, National Population Registry, driving license, passport, voter ID and ration card. The mobile phone numbers will become the passwords.

Members can add multiple ID numbers after registration and can use any one for logging into their accounts. Under the e-passbook service, only one registration will be allowed against one mobile number.

If the mobile number changes, the member can change his password with the new mobile number. Once registered, a member can download the passbook by entering his account number. A member can download the passbook for only one account number under one establishment.

Although most of the salaried employees in the organised sector view their PF deduction at the salary slip each month, there were some grey areas over the employer’s contribution. This is vital for employees, considering the fact that there have been instances when companies have deducted PF contribution from employees, but didn’t deposit it with the EPFO.

While EPFO was aware of manipulations and has cracked down on erring companies, many companies continued to flout rules by not registering their workers with EPFO.

With the e-passbook, the subscriber will get to know about his EPF contributions as soon as the money is deposited in the designated State Bank of India (SBI) branches. This will also help members to get the exact amount of the balance in the Provident Fund for disclosing it as an asset for obtaining home loan.

However, not all will benefit from the scheme as active subscribers whose electronic challan-cum-return is already uploaded can download their e-passbook every month.

Holders of inoperative accounts where there has been no contribution in the preceding 36 months cannot access this facility. For members who are not active (left service) and have not settled their accounts, a e-passbook is available on special requests.

Also, the online downloading of a PF account statement is not available as of now for members of exempted PF

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