Now, an update of your Provident Fund (PF) account's balance is only a click of a mouse away.
The Employees' Provident Fund Organization (EPFO) on Friday posted a link in its website , enabling members to get their PF account balance update as SMS alert on their cellphones. Members only need to furnish their respective PF account numbers to avail of this facility. EPFO had been conducting an internal trial of this software for the past two months.
"The idea is to make the system transparent. Now, an employee can regularly check, whether the amount, which is being deducted every month from h/his salary, is getting deposited with us. If s/he finds any discrepancy, the individual can take the matter up with the employer or us," said central provident fund commissioner S Chatterjee.
EPFO has also started online tracking of PF claims as part of the initiative to inculcate transparency. Account update details too are available online for each of the 120 EPFO offices in the country. The labour minister has set a target of December 2011 for all PF accounts to be updated. The organization has also completed updating of the 4.72crore pending accounts for 2008-09 ahead of the September deadline. The finance ministry had set this timeframe while approving the 9.5% interest rate for 2010-11.(Source: Times of India)
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