News Nation Logo

EPFO to make all payments including pension, provident fund, insurance to members electronically

Now, The Retirement Fund Body EPFO To Make All Payments —pension, Provident Fund And Insurance—to Members Electronically. The Labour Ministry Has Amended The Social Security Schemes Run By The Retirement Fund Body.

PTI | Updated on: 08 May 2017, 08:38:15 PM
Employees’ Provident Fund Organisation (Image: PTI)

New Delhi:

Now, the retirement fund body EPFO to make all payments —pension, provident fund and insurance—to members electronically. The labour ministry has amended the social security schemes run by the retirement fund body.

“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 per cent 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 per cent 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.

Also read: EPFO members to get loyalty-cum-life benefit of up to Rs 50,000 after retirement

Also read: EPFO eases different types of withdrawal process, introduces common form

For all the Latest Business News, Economy News, Download News Nation Android and iOS Mobile Apps.

First Published : 08 May 2017, 08:33:00 PM