Now, transfer, deposit Provident Fund benefits online, says Labour Ministry
Ministry of Labour & Employment on Thursday announced that Employees' Provident Fund (EPF) subscribers can now make payments through electronic or digital fund transfer system.
The Ministry in a notification said that payment of EPF dues, pension disbursement and insurance claim under Employees Provident Fund Scheme will be made electronically, "only ensuring quick transfer of funds, easier tracking and reconciliation thereof."
"Such move is likely to benefit 4.5 crores EPF subscribers and around than 54 lakh pensioners," the Ministry said.
However, for the purpose of digital transfer/payments of EPF benefits, the Employees' Provident Fund Organisation (EPF) has made suitable changes for the three social security schemes.
As per the notification by Ministry, the first notification said that the payment may be made to the person, to whom payment is to be made, through electronic or digital funds transfer system of any Scheduled commercial bank or any post office.
Second notification which was related to the disbursement of pension and other benefits, read, "The Commissioner shall, with the approval of the Central Board, enter into arrangement for the disbursement of pension and other benefits under this Scheme with disbursing agencies like post office or nationalised banks or Treasuries or scheduled commercial banks including regional rural banks or co-operative banks through electronic or digital funds transfer system."
Third notification which was related to deposit-linked insurance scheme, said, "The payment may be made to the person, to whom payment is to be made through electronic or digital funds transfer system in any Scheduled commercial bank or any post office."