UID to now replace PF A/c number

To help subscribers track their accounts online

PTI | January 5, 2011



The retirement fund manager EPFO plans to replace PF account number with unique identification number, a move which will help in speedy transfer of a subscribers' funds in case of job change and allow them to track their accounts online.

At present when a subscriber changes job, it takes months to transfer provident fund money from one account to another, as the records are required to be transferred from one office to the other.

Under these circumstances, a large number of subscribers often withdraw the entire money in their account and go for a fresh account with the new employer.

The replacement of PF account number with the UID number will be done after inter-connecting all regional and sub offices of the Employees' Provident Fund Organisation (EPFO) by March 2012.

"We are in the process of digitizing and inter-connecting all our offices. We are planning to use unique identification number as the subscribers account number after that," Labour Secretary P C Chaturvedi told PTI.

He said, "Besides expediting the transfer of funds from one office to another, it would help reducing the number of withdrawals. Moreover, every subscribers would be able to track his account online."

EPFO has set a target of digitalizing the entire data in its regional and sub office by March this year in the first phase. In second phase all offices would be inter-connected.

Digitalization and use of UID as PF A/c number would also facilitate the subscriber to apply for transfer and withdrawal online.

In a pilot study conducted at EPFO's Karnal office, it was found that over 30.2 per cent of subscribers withdraw their PF within a year of joining service while 54.3 per cent do so by the end of the second year.

EPFO having a subscribers' base of about 4.7 crore, processes over 60 lakh claims every year. It manages about Rs three lakh crore of funds and receives an incremental deposit of over Rs 25,000 crore every year.

 

Comments

 

Other News

How the mind can help the body heal itself

Why do some people recover from illness against all odds? Can our beliefs, emotions and consciousness influence the body’s ability to heal? Drawing on over three decades of experience in medicine, research and medical innovation, internationally trained ophthalmologist and author Dr Dinesh Verma ex

1,364 anti-cancer formulations to cost less from today

The National Pharmaceutical Pricing Authority (NPPA), under the Department of Pharmaceuticals, Ministry of Chemicals and Fertilizers, has capped trade margins on the Maximum Retail Price (MRP) of 137 anti-cancer drugs. This was based on the recommendations of an Expert Committee constitute

Who checks the books?

I read about the news about the Coimbatore library over coffee this morning. On the face of it, the headline was about a political ‘war’ between the DMK and TVK. But what stayed with me was something much more important than the blame game behind what had transpired. A writer walking through

Development paradox: Falling poverty miracle and an inequality problem

India’s reduction in poverty over the past decade is a development achievement of considerable significance. The World Bank’s April 2026 ‘India Development Update’ estimates that the share of Indians living below the international extreme-poverty line of $3.00 per person per day i

In Arunachal, a river we call mother

In Arunachal Pradesh, the Siang is not just a river. For many of us, especially the Adi people, it is part of our family. Our grandparents fished in it. Children learned to swim in it. Our farms drink from it. When someone says a huge dam will be built on it, we do not hear the word "project".

A new retelling of the Mahabharata delves into key moments

In a time when every decision carries consequences and questions of ambition, power, loyalty, identity and moral choice continue to shape our lives, Dr. Arun Krishnan’s new book, ‘Mahakshana’ (Penguin India) offers a strikingly relevant retelling of the Mahabharata.  

Upcoming Conferences



-->

Archives

Current Issue

Opinion

Facebook Twitter Google Plus Linkedin Subscribe Newsletter

Twitter