Perfect Conditions

Secure Operations

Amazing Programs

Bank-credits.biz

Categories

    Array

EPFO makes submitting bank account info of members mandatory

bank account info

NEW DELHI: The Employees' Provident Fund Organisation has made it mandatory for employers to provide their employees' bank account number with IFSC code of the bank branch. This is required to allot universal PF account number (UAN) and payment to subscribers.

For existing members, employers must provide information about their core banking account number with IFSC code by October 15. Employers must provide similar information about previous members under its employment by October 31.

The EPFO has asked over 120 of its field offices to ask for banking account numbers with IFSC code of the bank branch for seeding with the UAN.

The government issued direction "making submission of

bank accounts by members mandatory in order to facilitate the allotment of UAN, proper implementation of the EPF Scheme, 1952 and removal of difficulties in payment of accumulations in the Fund to members after they cease to be such members," an office order said.

EPFO's Central Provident Fund Commissioner K K Jalan said these directives will help it get bank account details of all members so that UAN can be made operational for its 4.17 crore contributing subscribers by October 15.

Till date, the EPFO has captured bank account details of 1.80 crore employees, PAN details of 86.9 lakh employees and Aadhar number of 28.2 lakh employees.

Category: Bank

Similar articles: