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‘Universal Account Number ensures transparency in PF’

‘Universal Account Number ensures transparency in PF’


Mangalore Today News Network

Mangaluru, Nov 13, 2014:  The Universal Account Number (UAN) introduced by the Employees’ Provident Fund Organisation (EPFO) a few months ago is instrumental in ensuring transparency in the system, said Regional Provident Fund Commissioner, Mangaluru, Kavitha N. George.

Kavitha N Geor..Addressing members of Kanara Chamber of Commerce and Industry (KCCI) here, Ms. George said with the UAN, a member could access their PF account, know the balance and even download the passbook.

This, she said, would also reveal whether the employer had remitted the PF amount to the employees’ account. It also helped portability of the account whenever the employee changes jobs.

KYC details

The EPFO is collecting details of members — know your customer (KYC) details — as a part of the UAN system. More than 50 per cent of the members had submitted their KYC details and the organisation was hopeful of collecting the rest at the earliest, she said. A member had the option to update their bank account details as and when they change their bank through the EPFO portal, she said.

Corruption elimination

Ms. George said the organisation was adapting to technological advances constantly and was striving hard to eliminate corruption in the process. PF claims were being settled fast — 85 per cent within three days and the rest within 20 days of making the claim.

A member did not need to approach the PF office at all to get the claim as it was remitted through NEFT to their bank account. If an employee approaches the office and was asked for bribe, it is their fault as the inbuilt system does not require the member’s physical appearance, she said. The organisation has also introduced online registration of employees for employers as soon as the employer hires a new employee. Verification of records and inspection are done subsequently, she said, adding that the system was very helpful to employers.

Ms. George said that the EPFO takes very serious view on employers who do not remit PF dues to the organisation despite collecting it from employees.

It is a criminal breach of trust and becomes recoverable as income tax dues. However, the organisation was able to collect dues, if any, mostly through persuasion and ‘warnings’ than launching criminal proceedings, she said.

 

Courtesy: The hindu


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