EPFO Launches Facility for Bulk Transfer of Funds from Exempted Establishments

This initiative is expected to benefit around 1,500 exempted establishments of EPFO. All transactions between EPFO and exempted establishments have already been made electronic, thereby eliminating issues regarding delay and reconciliation of funds transferred. In case of member shifting job from unexempted to exempted establishment, EPFO electronically transfers the funds in the bank account of the exempted establishment and the details of the transaction is made available in the login of the establishment. This has enabled faster crediting of funds in the account of the member maintained by exempted establishment.

Further, exempted establishments have already been provided the facility to file their monthly (PF) returns and Electronic Challan-cum-Return (ECRs) for remittance of Pension Fund contribution electronically, thereby facilitating compliance in a hassle free manner. Another facility launched by the labour secretary will enable EPFO members to obtain Scheme Certificate through Umang App. Scheme Certificate is issued to members who withdraw their EPF contributions but wish to retain their membership with EPFO, to avail pension benefits on attainment of retirement age.

The ease of applying for Scheme Certificate through Umang App will now help members to avoid unnecessary hardship of physically applying for it, especially during the pandemic times. The facility shall benefit over 5.89 crore subscribers. Chandra joined as Secretary to the Ministry of Labour & Employment on October 1, 2020.