The Employees Provident Fund Organization (EPFO), the organization managing the retirement fund, has introduced the facility of fund transfer in bulk through single payments from exempted establishments. Exempted establishments are those who are exempted under section 17 of the EPF and MP Act, 1952 and they themselves manage the members’ provident fund as the overall supervision of the EPFO.
In this context, a statement of the Ministry of Labour stated that, secretary to the ministry of labour and employment Apurva Chandra, during his first visit to the EPFO Headquarters on October 7, 2020, introduced a new transfer of funds and data in bulk through single payments from exempted trusts launched the facility. ‘
Business will be easy
This facility will speed up the transfer of funds to exempted establishments and make it easier to do business. According to the statement, a member’s provident fund is transferred to the EPFO when he moves from an exempted institution to a non-exempted institution. Till now the exempted establishments had to transfer funds separately for each member. This makes the process quite complicated.
1,500 exempted institutions will benefit
The latest EPFO initiative will ease the process and benefit about 1,500 exempted institutions. In case of transfer of an employee from an exempted establishment to an exempted establishment, the EPFO electronically transfers the money directly to the bank account of the exempted institution and the details are made available in the login of the concerned establishment. The Labor Secretary has introduced another facility. In this, members of EPFO can obtain planning certificate through Umang app.
Ms Kalinga
PPO NO:20147240100106 retired from Metro Railway /Calcutta on30/04/14.Intended to know what is the pension now along with arrears. Requested to send me a sms in details of myself. Congratulations