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EPFO beneficiaries to get payment through electronic or digital fund transfer system

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The Ministry of Labour & Employment has issued a notification on May 4 providing for electronic or digital fund transfer of Employment Provident Fund (EPF) benefits, pension disbursments and insurance claims.
 
For this purpose, suitable amendments have been made in all the three social security schemes administered by the Employees Provident Fund Organisation (EPFO), an official press release said.
 
The move is expected to benefit 4.5 crore EPF subscribers and around 54 lakh pensioners.
 
"Now, payments will be made to the beneficiaries through electronic or digital fund transfer system only ensuring quick transfer of funds, easier tracking and reconciliation thereof," the release added.
 
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