Good news for EPFO subscribers! Regulator has just brought them this big benefit
Employees' Provident Fund Organisation (EPFO) has updated the Know Your Customer (KYC) data for its 52.62 lakh subscribers in the month of April and May 2020.
EPFO KYC Update: To extend the availability and reach of online services, which have become crucial in the wake of the COVID-19 pandemic, Employees' Provident Fund Organisation (EPFO) has updated the Know Your Customer (KYC) data for its 52.62 lakh subscribers in the month of April and May 2020. This includes Aadhaar seeding for 39.97 lakh subscribers, mobile seeding (UAN activation) for 9.87 lakh subscribers and bank account seeding for 11.11 lakh subscribers. KYC is a one-time process which helps in verifying identity of subscribers through linking of Universal Account Number (UAN) with KYC details. the Ministry of Labour & Employment informed about the development.
Further, to enable KYC seeding on such large scale, EPFO has also undertaken massive exercise of rectifying the details of the subscribers even during the lockdown. This resulted in 4.81 lakh name corrections, 2.01 lakh date of birth corrections and 3.70 lakh Aadhaar number corrections in the last two months.
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The Ministry of Labour & Employment said in a statement, "In order to balance the need to ensure safety of its staff by maintaining social distancing in office during the lockdown on one hand and to facilitate KYC updation for the subscribers on the other hand, EPFO adopted twin strategy of Work from Home and simplification of KYC updation process. Staff working from home were assigned the task of updating the KYC and rectifying the details, reducing the pendency to almost day to day basis. Major simplification in processes, such as removing the dependency on employers for Aadhaar seeding and accepting Aadhaar as proof of date of birth for differences up to three years, has expedited the entire process."
The Ministry of Labour & Employment statement went on to add that KYC updation enables a member to avail online services through member portal. He can file online for final withdrawal and advances including the recently introduced COVID-19 advances under Pradhan Mantri Garib Kalyan Yojana (PMGKY). It facilitates hassle free online transfer of PF account on switching jobs. Any KYC compliant member can avail all the online services either through desktop or through Umang App.
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