In a bid to incentivise activation of Universal (PF) Account Number (UAN), retirement fund body EPFO will refund up to 10 per cent of administrative charges paid by employers for providing KYC detail like Aadhaar, Bank Account and activating portable PF account of their workers.
“Under Incentive Refund Scheme, up to 10 per cent of the administrative charges will be paid back to employers on meeting certain conditions. The scheme will be operational for one year till December 31, 2016,” an official told PTI.
He further said that government has already notified the scheme and it is now available for the employers to seek benefits under it.
According to the scheme, first condition for seeking refund of up to 10 per cent of administrative charges is that employers provide all details under Form 11 such as his name, farmers’ name, address in respect of at least 80 per cent of his workers.
Secondly, the employers will have to have seeding of Aadhaar of at least at least 80 per cent of workers’s whose details are provided under Form 11.
They will have to provide Bank Account details of all workers whose details are provided under Form 11 and PAN (wherever applicable).
Thirdly, the employer has to have 100 per cent UAN activation of workers whose details under Form 11 is provided to the EPFO.
Under Part-B of the scheme, the employers can seek 5 per cent refund of administrative charges on meeting certain conditions including providing details under Form 11 for 60 per cent of the workers.
Secondly, they have to provide Aadhaar of 70 per cent of the workers whose Form 11 details are provided and have submitted bank account of detail of 80 per cent of those members.
The employer will also has to have UAN activation of 60 per cent of the workers whose details are provided under Form 11.