EPFO has been taking a number of measures to ease the withdrawal process for the benefit of four crore customers. From paying hospital bills to purchase of house/land through PF deposits, EPFO has announced a number of measures for the welfare of subscribers
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.
The official said, “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.”
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 1 crore claims every year including that of EPF withdrawal, pension fixation and insurance claims.
EPFO has been taking a number of measures to ease the withdrawal process for the benefit of nearly four crore customers. From paying hospital bills to purchase of house/land through PF deposits to a new loyalty scheme, EPFO has announced a number of measures for the welfare of subscribers.
In another development, the government has approved an interest rate of 8.65% on EPF or employee provident fund deposits for 2016-17. The EPFO has asked field offices to credit interest at the rate of 8.65 per cent into the accounts of subscribers. – PTI
