Govt allows EPFO to go digital; expect quick transfer of your benefits now

The Ministry of Labour and Employment has made changes in the social security schemes of the Employees' Provident Fund Organisation.

IANS May 19, 2017 09:54:50 IST
Govt allows EPFO to go digital; expect quick transfer of your benefits now

New Delhi: The Ministry of Labour and Employment has made changes in the social security schemes of the Employees' Provident Fund Organisation.

Govt allows EPFO to go digital expect quick transfer of your benefits now

Representational image- Reuters

It will now allow electronic or digital fund transfer and payment of EPF benefits, pension disbursement and insurance claim.

"Such move is likely to benefit 4.5 crore EPF subscribers and around 54 lakh pensioners," a release said.

The development means that payments will be made to the beneficiaries through electronic or digital fund transfer system only "ensuring quick transfer of funds, easier tracking and reconciliation".

 

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