Employees Provident Fund Organisation (EPFO) has announced two significant landscapes in order to ease the Provident Fund management for its respective members. These are:
• Passbook Lite, and
• Online access to Annexure K, the PF transfer certificate.
What is EPFO’s Passbook Lite?
Passbook Lite is a new tool on the EPFO Member Portal that permits members to view their PF balance, contributions, and withdrawals fast through a single login on its portal. Unlike before, members are no longer required to change between various portals, hence, making it fast and easy accessibility.
Why was Passbook Lite launched?
Previously, employees had to log into a separate passbook website to see the details of their Provident Fund, regularly facing delays because of heavy traffic on the system.
Passbook Lite reports this by providing a basic snapshot of the account within the key portal of the EPFO, minimizing the turn-around time and enhancing the accessibility.
How does it benefit members?
Members can instantaneously verify their monthly contributions and withdrawals, if any, without numerous logins. Those requiring complete transaction history can still access the complete passbook on the previous web portal.
What is Annexure K and why is it important?
Annexure K is a transfer certificate produced when members change their jobs and PF accounts are moved online with Form 13. It authorises the transfer of the balance in the PF account along with the period of service.
Where can members now access Annexure K?
Annexure K can be downloaded directly from the Member’s Portal. EPFO has made it possible to have a copy in form of a PDF. This removes the previous requirement to request the document separately from the office of the PF authority.
How does this help members?
Employees can now track their transfer status, ensure accurate information of their PF accounts, and keep their digital records by the online access. This, however, is critical for pension calculations.
These transformations may serve more than 2.7 crore active EPFO members, providing larger transparency, quick access, and well control over their own PF accounts.
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Ankur Mishra is a journalist who covers an extensive range of news, from business, stock markets, IPOs to geopolitics, world affairs, international crises, and general news. With over a decade of experience in the business domain, Ankur has been associated with some of the reputed media brands. Through a sharp eye on global marketplaces along with deep insights and analysis of business strategies, Ankur brings simplicity to the complex economic matrix to decode market trends and empower people.
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