The
Ministry of Labour & Employment vide notification dated 4th May
2017 has provided for electronic or digital fund transfer / payment of EPF
benefits, pension disbursement and insurance claim. For this purpose, suitable
amendments have been made in all the three social security schemes administered
by EPFO (http://www.epfindia.gov.in/site_docs/PDFs/Circulars/Y2017-2018/Manual_Notification_DBT_3004.pdf).
Such move is likely to benefit 4.5 crores EPF subscribers and around than 54
lakh pensioners. Now, payments will be made to the beneficiaries through
electronic or digital fund transfer system only ensuring quick transfer of
funds, easier tracking and reconciliation thereof.
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