Provident fund accounts with privately held PF trusts can now be transferred online to accounts maintained by the retirement fund body EPFO.
At present, workers are required to file PF transfer claims on changing jobs to consolidate their PF accounts and benefits under the Employees’ Pension Scheme 1995 run by the Employees’ Provident Fund Organization (EPFO).
According to a circular today issued by the EPFO for its over 120 field formations, the facility will be available for employees’ changing jobs from an exempted establishment (PF trusts) to un-exempted establishment (maintaining accounts with EPFO).
As per the circular, the body has started a process of registering digital signature certificates of the authorized signatories of exempted trusts in July this year for launching this new facility. There are 3,621 private provident fund trusts (PPFT) which are managing the accounts as well as retirement fund of their workers. These trusts are regulated by the EPFO.
There are over five crore active subscribers whose accounts are being managed by EPFO. But these are all un-exempted firms which don’t operate a trust and file provident fund returns with EPFO.
Digital live certificate will facilitate the pensioners of the body to provide live certificate through his registered mobile handset.
The pensioners are required to submit a live certificate every year in November. At present there are about 47 lakh pensioners under EPFO’s pension scheme.
The facility is developed the National Informatics Centre (NIC).