Companies to be allowed soon to pay PF dues online from non-SBI a/c

Employers in the organised sector maintaining accounts in banks other than SBI will soon be able to pay PF dues online to the Employees Provident Fund Organisation.

“Presently, employers who have their bank accounts with SBI can pay PF dues to EPFO online. Other employers who do not have bank account with SBI are not able to do so. Facility will be developed so that they can make electronic payment of their dues online (in) six month,” said a recent EPFO letter to Labour Ministry.

Thus, by September, firms that do not have accounts with the State Bank of India should be able to pay their dues online to EPFO.

That apart, as per the letter, EPFO will make 99 per cent of payments through electronic mode to beneficiaries by September. At present, about 93 per cent of the payments are made electronically.

EPFO has also planned to implement the double entry accounting system by March next year as is followed by other entities such as banks.

The body manages funds of over 5 crore subscribers with a cumulative deposits of about Rs 5 lakh crore.

EPFO is also planning to digitise its pension data and have a centralised data system. At present, EPFO deals with 44 lakh pensioners. The work is expected to be completed in three to four months.

EPFO is also developing a system whereby workers moving abroad will be able to fill up their data themselves online so as to eliminate mistakes. This is expected to be a reality by April next year. These workers apply for coverage certificate to EPFO.

Besides, it will complete the work by July on launching the facility of online transfers to PF accounts from a private PF trust to the firm maintaining PF accounts of its employees with the EPFO and vice-versa. Private PF trusts manage their workers accounts and funds themselves.

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Printable version | Jul 26, 2021 6:49:45 AM |

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