ET carries an article today about provision of monthly slips with PF balances to contributors every month from EPFO ( Employees provident fund office). This seems to be the step in right direction. As of now, things like transfer, withdrawal, inquiry are not as transparent or as swift as they should be.
Whenever I have tried to transfer my PF ( when I have changed employers), I have really had a tough time. When a query is made to the PF offices concerned ( From and To PF offices), both of them point to each other or they say that they haven't received the form yet. This in spite of the fact my employer assuring that the form has been sent.
( You can use this link to register your EPF grievance)
Such loopholes and lack of transparency with one's money is definitely painful. They should try to emulate the NPS website in terms of providing all information to subscribers online.
Now when the new government employees pension funds are managed by NPS ( Funds managed by six private funds), the EPF funds of private employees is managed by EPFO ( government organization).
In the long run, these organizations / schemes should be clubbed together for efficiency and everyone should have an unique identifier to manage his pension funds ( PRAN Number probably or UID
), irrespective of where he works and change of employment.
), irrespective of where he works and change of employment.
We have a long way to go!
Here's the link of the ET article mentioned above.
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