The Employee Provident Fund Organization (EPFO), the governing body for pension funds, has given a significant gift to the common man. The EPFO has announced Passport Lite. Viewing your transaction history will now be easier with Passport Lite, eliminating the need to log in.
EPFO has announced Passport Lite as part of EPFO 3.0. Passport Lite aims to provide better beneficiary service. Beneficiaries can check various details through Passport Lite, providing greater transparency.
Furthermore, if a beneficiary is planning a job change, they can easily shift their Provident Fund Account (PF account).
What are the benefits of Passport Lite?
With Passport Lite, beneficiaries can easily view their transaction history, withdrawals, and current balance. To avail these services, they do not need to visit the Passport Portal. Labor and Employment Minister Mansukh Mandaviya stated that users can still use the traditional passbook portal.
This move will make all important services available through a single login.
What are the current challenges?
Currently, if someone wants to check their PF history, withdrawals, or current balance, they have to log in separately to the passbook portal. This dual login creates password synchronization issues.
PF transfers will also become easier.
Whenever an employee changes companies, an Annexure-K transfer certificate is issued. When an employee changes companies, the account is transferred to the new company through Form 13. The Annexure-K transfer certificate is submitted to the EPFO office.
The Annexure-K certificate was previously viewable upon request, but now it can be easily downloaded. The EPFO’s aim behind introducing Passport Lite is to provide convenient services to beneficiaries.
