Starting April,transactions with the Employees Provident Fund Organisation are set to become much simpler and transparent. Over the next two months,the countrys largest retirement fund manager will start providing annual account slips and detailed account statements online under its Electronic Challan cum Return (ECR) service.
The EPFO covers over 5.7 lakh establishments with more than five crore subscribers manages a corpus of about Rs 4 lakh crore. Until recently,the EPFO resorted to manual book keeping which resulted in long delays in updation of accounts and generation of account slips.
With the new service,employers will be able to generate annual account slips for their employees for the year 2010-11. From May,the employees who are members of the EPFO will also be able to download detailed account statements with all credits and debits.
The computerised service would also allow automatic updation of members accounts every month. It would also automatically update basic details for new as well as exiting members.
The service will be available across the country,and will significantly lower the burden on our officers. More importantly,it will substantially ease the hassles faced by EPFO members in getting annual account slips, said a PF official.
Under the ECR service,employers are expected to register their organisations online and generate challans for making monthly deposits. They can then use the challan for either electronically or physically depositing the PF contributions to the bank. As soon as the bank confirms the deposit,the concerned regional offices system would be automatically notified and individual members accounts would get updated.
Last year,the EPFO had launched SMS alerts and online services to check balance and claim status.