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.
New Delhi: The Ministry of Labour and Employment has made changes in the social security schemes of the Employees' Provident Fund Organisation.
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".
The feature is still in beta and has not started rolling for all users yet.
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