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EPFO partners with 10 banks for due clearance

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For better clearance of dues and smooth payments of Provident Fund withdrawals, pension and insurance to beneficiaries, Employees’ Provident Fund Organisation has joined hands with ten banks.

Reportedly, EPFO has inked an agreement with State Bank of India, Punjab National Bank, Indian Bank, Allahabad Bank, Union Bank of India, Bank of Baroda, HDFC Bank, ICICI Bank, Axis Bank and Kotak Mahindra Bank.

“The main objective of the multi-banking arrangement is to provide more options to the employers to remit the Employees’ Provident Fund (EPF) contribution directly from their bank accounts. This will not only make them cost effective but also ensure real time transfer of funds through net banking,” said Bandaru Dattatreya, Minister of State for Labour and Employment, informed Lok Sabha.

For offering better social security benefits to the workers in the unorganised sector, the government has enacted the Unorganised Workers’ Social Security Act, 2008.

The said Act specifies provision of suitable welfare schemes for unorganised workers on matters relating to: (i) life and disability cover, (ii) health and maternity benefits, (iii) old age protection and (iv) any other benefit as may be determined by the Central Government through the National Social Security Board.

In this regard, various schemes have been designed by the line Ministries at the Centre to ensure social security coverage to the unorganised workers.

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