Retirement fund body EPFO will be able to operationalise the facility of online settlement of provident fund (PF) transfer claims by August end, a move which would benefit over 13 lakh such applicants every year.
"Employees' Provident Fund Organisation (EPFO) will make functional the online settlement of transfer claims on changing jobs by August end," a source said.
EPFO is expecting 1.2 crore claims in 2013-14 including around 13 lakh PF transfer claims. The body has planned to settle online around 10 lakh transfer claims of tech-savy applicants from industries like IT and other sectors this fiscal.
The reason for their optimism is that the employers in sectors like IT, generally have a registered digital signature, which is prerequisite for online claim settlement, the source said.
Taking the first step towards launch of online PF transfer claim facilities, EPFO had unveiled the revised transfer claim form for the purpose on Thursday.
The revised 'Transfer Claim Form' can be presented after verification, either through the present employer or the previous employer. Earlier, the form could be submitted after verification only through the present employer.
EPFO has set up a central clearance house to enable subscribers to apply online for PF withdrawal and transfer claim settlements. The body also has plans to launch a facility for online settlement of withdrawal of PF subsequently.
It has already digitalised the records of 122 offices and processed all its present claims on computer. At present, the body has geared up for speedy settlement of all types of claims.
As such 40 of its offices are doing it in less than 5 days and 30-40 offices in 10 days. EPFO has already computerised the processing of claims.
It envisages settlement of all types of claims in three days period. At present, EPFO is expected to settle all claims within 30 days as per its citizens charter.