The 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).
In this context, a statement from the Ministry of Labor stated that 'Labor and Rogjar Secretary Apoorva Chandra, during his first visit to EPFO Headquarters on October 7, 2020, introduced a new transfer of funds and data in bulk through single payment from exempted trusts. Launched the facility. '
The 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, when a member moves from an exempted institution to a non-exempted institution, his provident fund is transferred to the EPFO. 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 get the planning certificate through the Umang app.