PF Body Wants Your Money To Be Deposited Via Online Mode Only

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Retirement fund body Employees’ Provident Fund Organisation (EPFO) has asked its over 120 field offices across the country to ensure that all employers are depositing their provident fund contributions only through electronic mode by using the Internet banking.

It has been witnessed that despite clear instructions, about Rs. 477 crore was deposited in July through cheques, which constitute 4.98 per cent of the total Rs. 9,576 crore received as PF dues from employers during the month.

“It is noticed that 46,965 (PF deposits) challans are deposited through cheques…identify the establishments depositing their contributions through cheques and ensure that all collections are received through Internet banking,” an order issued by the Employees’ Provident Fund Organisation
(EPFO) headquarters stated.

The Labour Ministry had amended the Employees’ Provident Fund Scheme, 1952 on May 5, 2015, to make it mandatory for employers to pay statutory contribution electronically through Internet banking only.
Unlike earlier, now the employers can choose among 56 banks to open an account to remit PF dues.

Earlier, employers were required to open their accounts in State Bank of India to make payments for PF contributions.

Courtesy: NDTV India

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