Pune: The Employees' Provident Fund Organisation (EPFO) has taken a big step in favour of lakhs of employees, who remain unaware that their employers sometimes do not deposit their contribution toward the fund.
The EPFO will now send SMS updates to employees if their employer fails to deposit the PF contribution.
"The EPFO will now inform employees whose contribution is not deposited by the employer for a given month in due time. Currently, the EPFO only sends messages to employees whose contributions are credited to their EPF accounts. The EPFO has so far been intimating its members by way of SMS about the credit of their respective monthly contribution into their accounts," said Arun Kumar, Regional Commissioner 1, Pune.
Every month, a salaried individual contributes 12 per cent of their salary to the EPF account while the employer matches the contribution. The contributions then compound at a rate declared every year.
"It has been decided that an intimation by way of SMS or email will be sent to members, in the event the contribution is not deposited by the employer with the EPFO for a given month in due time," said Amitabh Prakash, Regional Commissioner 2, Pune.
This intimation will be applicable to those who have registered their mobile number or email ID in their Universal Account Number (UAN). However, according to experts, SMS updates on credits are very erratic at present.