Know Your EPF Balance, PF balance to be updated every month

Know Your EPF Balance, PF balance to be updated every month

Subscribers of the Employees’ Provident Fund Organisation (EPFO) will soon be able to check the balance of their provident fund (PF) accounts on a monthly basis.Once in place, the new system is expected to benefit around 60 million workers covered under EPFO.“The new system will be operational next month,” said RC Mishra, Central Provident Fund Commissioner. At present, subscribers can view their balances only on a yearly basis. “We are moving towards a system similar to that of banks, where the accounts are updated instantly,” added Mishra.Apart from improving the service for the subscribers, the main trigger for the change was the repeated instances where employers had deducted the PF payments from the salaries of their employees, but had not submitted the deductions to EPFO, Mishra said. “Now, it will be very difficult for the employers to hide the deductions from the employees’ accounts. Employees would know when the deductions have been made,” he added. Source : http://business-standard.com/india/news/pf-balance-to-be-updated-every-month/474337/

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