The Employees' Provident Fund Organisation (EPFO) has introduced the payment of benefits through electronic system by availing of the facility of ‘National Electronic Fund Transfer (NEFT)' system approved by the Reserve Bank of India.
The new system will expedite the receipt of amount due to the beneficiaries by reducing the time lag between the authorisation of the amount and crediting of the amount into the SB account of the beneficiaries concerned, according to Regional PF Commissioner Ajeet Kumar. In order to facilitate e-payment, members are required to furnish the first page of their bank pass book (savings bank account) duly attested by their employer, while submitting their claim forms for settlement of PF or Pension Fund dues. They are advised to furnish their mobile numbers in the claim forms to enable the EPFO to communicate details of their settlement through SMS.
The EPFO Sub Regional Office issued the first cheques under NEFT system for Rs.33,980 and Rs.18,624 on Tuesday. Mr. Ajeet Kumar appealed to all employers and employees covered under EPF and MP Act, 1952, falling in the districts of Srikakulam, Vizianagaram and Visakhapatnam, to make a note of the new facility.
