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 Employees Provident Fund Organization (EPFO). The Labor Secretary has introduced another facility. In this, EPFO members can get the planning certificate through the Umang app.
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“A new facility for transfer of funds and data in bulk through a single payment from exempted trusts during the first visit to EPFO Headquarters by Labor and Rogjar Secretary, Apoorva Chandra, on October 7, 2020,” a Labor Ministry statement said. Started. 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 after 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. The latest EPFO initiative will ease the process and benefit around 1,500 exempted institutions. In the event of an employee being transferred from an exempted establishment to an exempted establishment, the EPFO electronically transfers the money directly to the bank account of the exempted institution and its details are made available in the login of the concerned establishment.