The Employees’ Provident Fund Organisation (EPFO) has over five crore subscribers. As per retirement body’s website, UMANG is the only official app for EPFO services. This app will provide services to various government organisations, including of EPFO. The body which receives more than 1 crore claims every year including those related to EPF withdrawal, has been introducing a number of services to make claim processes easier. However, in this busy life, it is easy to miss out on some of them. To make sure that doesn’t happen, we have listed all the latest initiatives by EPFO that you should know. To begin with, on November 23, the retirement body, cleared a proposal to credit exchange traded fund (ETF) units to provident fund accounts of its members. Subscribers of EPFO would be able to see ETF units in their PF accounts from next year.
In this case, subscribers cannot do trading and the retirement body would liquidate the ETF units only when members request for withdrawals. It had started investing in the Exchange Traded Funds (ETF) in 2015, putting about 5 percent of its investible deposits in stock related products, which was later raised to 15 per cent for the current fiscal. The retirement body has also introduced a new facility in which subscribers can give an online request for correction in name, date of birth and other related details. In case an EPFO subscriber wants to correct details like name and date of birth, the employee and employer have to submit a joint request to an EPFO branch for correction of the details.
Recently, in a big boost for Indians working abroad, the EPFO decided to cover them as well. Speaking at a seminar in the national capital recently, Provident Fund Commissioner (CPFC) V P Joy had said that an online facility to provide benefit was made functional.
The scheme permits Indian employees the option not to be part of their host country’s social security scheme and also saves employers from double social security contributions. The retirement body has entered into a pact with 18 countries.
It has also given the nod to the proposal for centralised payment system using National Payments Corporation of India (NPCI) platform. This will not only help in the dropping of transaction charges but also become more convenience. The system will also enable the EPFO to transfer funds on same day to the beneficiaries with the help of NPCI platform.