The Employees' Provident Fund Organisation (EPFO) plans to launch a 'One Employee One EPF Account' system on May 1 to dissuade premature PF withdrawals and encourage state governments to join its pension system.
The decision was taken on April 21 in retirement fund body EPFO's internal meeting, a day after the government rolled back its decision to tighten PF withdrawal norms restricting subscribers to withdraw the employer's share of PF contributions (3.67 per cent of basic wages) before the age of 58 years, among other things.
During the meeting, EPFO's Central Provident Fund Commissioner, V P Joy, discussed about the unrest regarding the PF withdrawal norms.
Mr Joy emphasised the need for effective communication with employees and employers, and stated that frequent withdrawals by employees on each job change, which is also encouraged by employers, need to be addressed by good service and simple interface.
He was of the view that employers and employees must be able to view and access the money trail pertaining to their individual profiles.
Mr Joy also informed his colleagues that EPFO proposes to launch a system of 'One Employee One EPF Account' on May 1.
He stated that once EPF services are improved, more people will voluntarily join the EPF system.
From India, Ahmadabad
34The decision was taken on April 21 in retirement fund body EPFO's internal meeting, a day after the government rolled back its decision to tighten PF withdrawal norms restricting subscribers to withdraw the employer's share of PF contributions (3.67 per cent of basic wages) before the age of 58 years, among other things.
During the meeting, EPFO's Central Provident Fund Commissioner, V P Joy, discussed about the unrest regarding the PF withdrawal norms.
Mr Joy emphasised the need for effective communication with employees and employers, and stated that frequent withdrawals by employees on each job change, which is also encouraged by employers, need to be addressed by good service and simple interface.
He was of the view that employers and employees must be able to view and access the money trail pertaining to their individual profiles.
Mr Joy also informed his colleagues that EPFO proposes to launch a system of 'One Employee One EPF Account' on May 1.
He stated that once EPF services are improved, more people will voluntarily join the EPF system.
From India, Ahmadabad
Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals.
Introduction Of One Employee One EPF Account Facility.pdf