Over five crore members of the Employees' Provident Fund Organisation (EPFO) can look forward to stepped-up transparency on the part of the retirement fund body. Today, EPFO announced that it will now inform its subscribers if contributions are not duly deposited by their employers, going beyond credit information.
"The members whose contributions are not deposited in time remain uninformed. In order to bring more transparency, it has been decided that an intimation by way of SMS/email shall be sent to members (who have registered their Mobile Number/email ID against respective Universal Account Number) in respect of whom contribution has not been deposited by the employer with EPFO for a given month in due time," the body said in a statement.
The EPFO, which manages a corpus of over Rs 10 lakh crore, has so far been intimating its members through SMSes on credit of their respective monthly contribution into their accounts. The statement added that now the credit information will be available through e-passbook online and UMANG mobile App as well as through the missed call service for all members.
The EPFO members whose monthly contribution is regularly received may view their contribution details using any of these options. In addition, the body has also decided to publish the age-band wise estimate of all new subscribers as declared by their employers after deducting the number of subscribers exiting jobs every month. This information can also be accessed online.
This is just one among a number of initiatives taken by the EPFO in the recent past to provide timely information and better service to all its stakeholders in tune with the government's motto of minimum government and maximum governance.