Central Board of EPFO @ 219th Meeting |
23rd November 2017 | Chairmanship -
Union Minister of Labour & Employment Shri Santosh Kumar Gangwar
The 219th meeting of the Central Board of
Employees’ Provident Fund Organisation (EPFO) held in New Delhi yesterday under
the chairmanship of Union Minister of labour & Employment Shri Santosh
Kumar Gangwar.
Following
where are the key decisions of the Board:-
·
The
Central Board started investing in Equity Exchange-Traded Funds (ETFs) from
August 2015.
·
Present
decentralized system of EPFO for making payment to its beneficiaries involves
higher cost of transactions, delays in recredits in case of failed transaction
and does not provide for AADHAAR enabled payments. Hence, EPFO proposed
to move towards the Centralised Payment System using National Payments
Corporation of India (NPCI) platform.
The benefits of the proposed system
are:-
·
Funds
will be transferred on the same day to the beneficiaries through NPCI platform.
·
Office
may reconcile the transaction status on T+0 basis. This will result in
early recredit in the accounts of beneficiaries in the case of failed transactions.
·
Availability
of the facility of AADHAAR enabled transfer of funds.
·
Transaction
cost by way of bank charges will also come down.
·
The
Board gave in-principle approval for the same.
Recent IT based initiatives of EPFO
for better services to its stakeholders:-
·
Online
Adhaar Verified UAN allotment to any citizen at Unifed Portal
·
Introduction
of Online request functionality to EPF Subscribers for correction in Name, DoB
and Gender:
EPFO
is committed to strengthen the e-governance system to bring more transparency
and to provide better services to its stakeholders. EPFO has already launched a
number of e-governance initiatives such as Electronic Challan-cum-Return,
Member e-passbook, payment through National Electronic Fund Transfer,
Online Registration of Establishments, Mobile governance, Online receipt of
claims, Auto transfer of Accounts etc.
Source | www.pib.nic.in
Regards
Pralhad Jadhav
Senior Manager @ Knowledge
Repository
Khaitan & Co
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