According to Ministry of Labour and Employment’s notification dated 4th May, EPF benefits, pension disbursement and insurance claims would be generated electronically or via digital fund transfer/payment.
For successful implementation of this initiative, suitable amendments have been made in all the three social security schemes administered by EPFO.
Such move is likely to benefit 4.5 crore EPF subscribers and around 54 lakh pensioners. Now, payments will be made to the beneficiaries through electronic or digital fund transfer system only, ensuring quick transfer of funds, easier tracking and reconciliation thereof.
With this move, the payments to the beneficiaries will be fast, easy and convenient.
Recently, the Labour Ministry has also made amendments in the social security schemes run by the retirement fund body EPFO to enable it to make all payments pertaining to pension, provident fund and insurance electronically.
“The Labour Ministry has amended the schemes run by EPFO by a notification. This will enable the Employees’ Provident Fund Organisation to make all payments like EPF and pension through digital mode,” said an official from EPFO.
It was provided in the schemes run by EPFO that the body can make payments to its subscribers through various modes like money order, cheques or electronically. EPFO has over four crore subscribers and receives one crore claims every year, including that of EPF withdrawal, pension fixation, and insurance claims.
EPFO has more than four crore subscribers and it receives one crore claims every year, including that of EPF withdrawal, pension fixation, and insurance claims.