By Sumit Nagar

EPFO Central Provident Fund Commissioner K K Jalan has announced that the Employees'' Provident Fund Organisation (EPFO) that the online provident fund transfer and withdrawal facility will be launched by EPFO in the first week of July.

He added that the new service will benefit over 50 million subscribers.

"We are planning a soft launch of facility to apply online for transfer and withdrawal of the provident fund on July 3 or 4," Jalan told PTI. Earlier, it was reported that the EPFO was planning to launch the service on July 1. Sources added that Jalan is scheduled to meet Labour Minister, Sis Ram Ola, on Monday, to inform him about the future course of action.

According to EPFO's official, they are s expecting claims worth 1.2 crore in the current fiscal year. It is learnt that around 5,38,704 claims were pending till June 11, 2013.

All zonal heads of the EPFO have been called to attend a meeting on July 5 during which they will discuss the ways to settle the claims within three days. Experts maintain that online facility would save time of the people and make the whole process easier.