- EPFO allots Universal Account Number to subscribers/employees
- Employees don't have to apply for PF transfer claims while changing jobs
- Retirement fund body EPFO receives 1 crore claims every year
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 those pertaining to EPF withdrawal, pension fixation and insurance.
Employees' Provident Fund Organisation in a recent tweet the benefits of seeding the Aadhaar number:
Submit claims directly to EPFO without employers' attestation: EPFO members can complete the whole process online without interacting with the employer. The claim submitted by the member would flow in a soft form to the EPFO database, where it will be processed and the member's bank account will be credited. (Read more)
Receive monthly updates on the mobile number registered with your UAN
Download e-passbook and check your passbook balance and other details: A subscriber can also check PF balance through a missed call and EPFO's app.
File/update nomination form online
Link multiple EPF accounts allotted over the years
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 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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