Online Provident Fund Withdrawal Could Be Done By August
Reports are rife that the Employee’s Provident Fund Organisation may introduce a facility for making online withdrawals. This is expected to be in place by August. By enabling online withdrawals the retirement fund scheme is likely to enjoy savings generated from eliminating paperwork. Members of the retirement fund organisation will also benefit from a more convenient service. The online facility would see the withdrawal times cut down to just a couple of hours.
A senior official of the Employee’s Provident Fund Organisation disclosed that the digitization of the body’s records and processes, which run on an operating system from Oracle, has been completed. The senior official also disclosed that they had high hopes the online withdrawal facility of provident funds would go live before August 2016.
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The senior official went on to disclose that the retirement body will in the near future purchase blade servers that will be used to set up data centers. The number of data centers are envisaged to be three. They will be located at Dwarka in Delhi, Secunderabad and Gurgaon. All the one hundred and twenty three EPFO offices will be connected to the 3 data centers.
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By May of this year the procedure of buying servers is expected to have been completed. Tests are expected to begin in the month of June in order to evaluate how the system would respond once it goes live. The intensive trials and tests would take up two months making it possible to plan for a launch in August.
The senior EPFO official confided that the moment the online withdrawal facility becomes operational, members of the fund would be able to make an online application to conduct a withdrawal. Following the authentication and authorization of a successful application, the funds would then be transmitted to the respective accounts at the respective banks.
Currently subscribers of the Employee’s Provident Fund Organisation have to make a manual application in order to withdraw from the retirement fund.
In order to enjoy this facility of online PF withdrawals subscribers would be required to fulfill some requirements. One of these requirements is activating their Universal Account Numbers.
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The Universal Account Number, which allows number portability between various provident funds was launched by Narendra Modi, the Prime Minister of India on the 1st October 2014. The UAN consists of 12 digits and is meant to give a subscriber one non-changing identity regardless the establishment they are working for or the employee provident fund they are contributing to. Throughout an employee’s life, the number will remain the same no matter how many times the employee changes jobs. The EPFO has given out more than sixty million Universal Account Numbers. Activations have been recorded in close to twenty five million of those UANs.
The PAN(Permanent Account Number), the Aadhaar number and bank account details would also be required as would other information that fulfils Know Your Client obligations.
Currently the subscriber base of the Employee Provident Fund organisation has reached over ten million. The retirement fund has over five lakh crore of assets that it is currently managing.
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