EPFO rules changed to enable digital payments
- PNB fraud: Nirav Modi firms in Surat SEZ diverted duty-free diamonds
- Donald Trump speaks with Vladimir Putin after re-election victory in Russia
- Raymond to raise Rs100 crore via NCDs
- Privatisation of public sector banks in taxpayers interest: Nandan Nilekani
- EESL acquires UK-based utility Edina for Rs493 crore
New Delhi: The labour ministry has amended the social security schemes run by the retirement fund body EPFO to enable it to make all payments—pension, provident fund and insurance—to members electronically.
“The labour ministry has amended the schemes run by the EPFO by a notification. This will enable the Employees’ Provident Fund Organisation (EPFO) to make all payments like EPF and pension through digital mode,” an official said. It was provided in the schemes run by the EPFO that the body can make payments to its subscribers through various modes like money order, cheques or electronically.
ALSO READ: How to submit your EPF claim online
“The scheme has been completely amended and the provision of making payments through money order or cheques has been omitted from the schemes. Thus all payments would be made through electronic mode,” the official said. Explaining further, the official said, “Though the EPFO had been making 98% of its payments through electronic mode, there were some field offices which were using other modes like cheque and money orders.” The official also informed that the decision to go 100% digital for payments was taken after some complaints were received for ensuring complete transparency.
The EPFO has over four crore subscribers and receives one crore claims every year including that of EPF withdrawal, pension fixation and insurance claims.