- Retirement fund body EPFO aims to go paperless by August, 2018
- The EPFO has decided to do away with filing of Form-9
- Form-9 is filed by employers to intimate about their new employees
Retirement fund body Employees' Provident Fund Organisation (EPFO) aims to go paperless by August next year as part of Digital India initiative, which would improve delivery of services for its 5 crore subscribers. The EPFO has a corpus of over Rs 10 lakh crore. It had managed investible deposits of Rs1.5 trillion last fiscal. The EPFO runs three schemes-Employees Provident Fund Scheme 1952, Employees Pension Scheme 1995 and Employees Deposit Linked Insurance Scheme 1976. EPFO receives 1 crore claims every year including that of EPF withdrawal, pension fixation and insurance claims.
Here are five recent measures announced by EPFO:
1) The formal sector employers will be required to intimate about the details of their new employees online to retirement fund body EPFO from October 1, 2017. The EPFO has decided to do away with filing of Form-9, a declaration by a person (employee) taking up employment in an establishment in which Employees' Pension Scheme is in force. This Form-9 is filed by the formal sector employers manually at present to intimate about their new employees.
2) EPFO provides facility to make down payment to buy home and pay equated monthly instalment through their EPF accounts. EPFO subscribers who have activated their UAN and seeded their KYC (Aadhaar) with EPFO will be able to apply for final PF settlement, pension withdrawal benefit and partial PF withdrawal from their UAN Interface directly.
4) EPFO has made partial withdrawal easier from provident fund for medical and other purposes like purchase of house, education and marriage of children. For this purpose, the EPFO subscriber is no longer required to submit various certificates or documents.
5) The labour ministry has amended the social security schemes run by the retirement fund body EPFO to enable it to make all payments - pension, provident fund and insurance - to members electronically. This will quicken up the process as well as increase transparency.
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