Thursday, May 26, 2011

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.

Source:IIL

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