The three new mobile- based services meant for EPFO
members are a Mobile Application, SMS- based Universal Account Number Activation and a Missed Call service.
The NPS scheme is web-enabled and removes the human interface that could invite rent-seeking, thereby inviting choice and contestability, and incentivizing EPFO
to reform alongside (Asher, 2011).
Trustees will also consider a proposal to provide incentives to EPFO
pensioners for digitally filing their live certificates.
But the PFRDA Act very clearly says that EPFO
will definitely be out of our purview.
The operations of EPFO
should be as smooth as in a bank.
The finance ministry has allowed us to invest up to 15 per cent of incremental flow of the EPFO
money into equities from the present five per cent now of the ` 1 trillion of investible money the Fund has.
No employee involvement in withdrawals: At present any request for EPF withdrawal has to be signed by your previous employer and then sent to the EPFO
subscribers can withdraw the entire amount prematurely by showing not employed anywhere for two months.
details of employees would then be made available to the EPFO
meeting, which is happening two days before the presentation of the general budget, is considered crucial as the decision taken by the EPFO
has to be scrutinised by the Finance Ministry.
State Bank of India is to continue as the sole public-sector fund manager of EPFO
The details of the online PF withdrawal facility will be discussed at a meeting of EPFO
trustees from workers' side called by the labour ministry on July 24, a senior labour ministry official said.