2 min readNew DelhiJul 7, 2011 01:26 AM IST
First published on: Jul 7, 2011 at 01:26 AM IST
Employees who have parked their retirement savings in company run provident fund trusts will now also be able to check their account balances with the click of a mouse. This is because the Employees Provident Fund Organisation EPFO,which has begun providing account details online for its 4.72 crore members,wants company-run PF trusts too,to provide the same facility.
The EPFO has asked its field officials to ensure that private provident fund trusts also upload account balances of their members online. Alternatively,the trusts can provide the data to the EPFO which would upload it on its own website. The trusts have been asked to start the facility by the month-end.
It is felt that the manner in which the EPFO has placed the members balances in respect of unexempted establishments on its website,the exempted establishments should also display similar information in respect of their employees on their respective websites, the EPFO has said in an internal circular.
The move will benefit over 48 lakh employees who are members of over 3,000 exempted establishments of companies including American Express Bank,SBI Life Insurance,Daimler Chrysler and MMTC. Instead of parking their employees savings with the EPFO,these companies prefer to set up their independent PF trusts that invest and manage the retirement contributions amounting to over Rs 1 lakh crore.
Starting July 1,the EPFO has launched the facility for its members to check their account statements online after a mammoth exercise to update their accounts for the past two fiscals. Under the facility,subscribers visit the EPFO website and provide their account number.
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