Provident Fund Accounts through E-Mails/Sms

PF Accounts through E-Mails/Sms

   Status of sending the monthly details of the Provident Fund accounts to employees is as follows:

   (i) The updated Provident Fund (PF) accounts are available online on the EPFO website i.e. wwe.epfindia.gov.in from August 2012 and the Provident Fund accounts of members are updated as and when the contribution is received. Members can view and take printout from anywhere any time.

   (ii) Since April 2012, there is a facility for the employers to download the annual accounts slips for their employees from the accounting year 2010-2011 onwards.

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PF Cases Awaiting Settlement

   As on 13.12.2012 (for the period from 01.04.2012 to 13.12.2012), out of 107.16 Lakh claims received for settlement order, only 6.96 Lakh claims are pending for settlement.

   The obstacles faced in settlement of claims inter-alia include:

   (i) Incomplete claims (no bank account number,incomplete employee details, etc.)
   (ii) Incorrect claims (wrong account number, incorrect personal details, etc.)

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Transfer of funds to the PF trusts subsequent to grant of exemption u/s 17- reg

EMPLOYEES’ PROVIDENT FUND ORGANISATION

(Ministry of Labour & Employment, Govt. of India),

Head Office

Bhavishya Nidhl Bhawan, 14, Bhlkaiji Cama Place, New Delhi – 110 066.

No C -Ex/Misc./Comp. Audit/2008/2473         Dated: 21.06.2011

Sub: Transfer of funds to the PF trusts subsequent to grant of exemption u/s 17- reg

Sir,

   It has been brought to the notice of the Head Office that, in some case of grant of exemption, funds have not been transferred to the PF trusts, subsequent to the grant of exemption/relaxation, by the Appropriate Authority.

   2. It is therefore requested that, the matter may be examined and wherever required, necessary action for transfer of funds to the PF trusts granted relaxation/exemption by the Appropriate Authorities may be initiated immediately. Details of all such cases along with the reasons for non- transfer of funds, also be submitted to Head Office within one week.

   3, In this context, Investment section, Head Office vide its circulars dated Invest. 1/1(10)2000/42517 dated 05.09.03 & 26.07.04 (Copy enclosed), has already clarified the procedure for the transfer of funds to the exempted trusts subsequent to grant of exemption.

(This issues with the approval of ACC(Compliance)

Encl: As above

Yours Faithfully,

sd/-

(Saurabh Jagati)

Regional PF Commissioner-II (Exemption)

Source; www.epfindia.com

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Track your PF account on web in 3 months

   A circular was issued on May 24, asking all regional offices to complete updating of 2008-09 accounts by May 31, and that of 2009-10 by June 30, say reports.

   There is some good news for more than 47mn subscribers to the Central Government's Employee Provident Fund scheme. You will soon be able to keep a close tab on your PF account on the Internet, according to reports.

   The Employees' Provident Fund Organization (EPFO) has reportedly posted the details of the accounts' status of all its 120 offices on its website.

   A circular was issued on May 24, asking all regional offices to complete updating of 2008-09 accounts by May 31, and that of 2009-10 by June 30, say reports.

   The EPFO's move to put in place a software for updating accounts annually across its 120 offices will help it meet the Finance Ministry's goal of updating all pending accounts by September.

   In March this year, the Finance Ministry had approved the 9.5% interest rate announced by the EPFO for its 47.2mn subscribers for FY 2010-11 on the condition that it would update the pending accounts within six months.

   The EPFO has updated 28.7mn accounts since then, according to reports.

   The EPFO handles a corpus of about Rs. 3.5 lakh crore annually.

Courtesy;www.indiainfoline.com

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