EPFO Accelerates Provident Fund Withdrawals with Automation
The Employees' Provident Fund Organisation (EPFO) is automating the process for final provident fund withdrawals, expediting the fund transfer to applicants' bank accounts. The automation aims to simplify and accelerate the process, aligning with the new labour codes notified by the government to enhance efficiency and ease of business.
The Employees' Provident Fund Organisation (EPFO) will soon automate the settlement process for final provident fund withdrawals, significantly speeding up the transfer of funds to applicants' bank accounts, according to EPFO Commissioner Ramesh Krishnamurthi.
This initiative, announced at the ASSOCHAM National Seminar, builds on EPFO's current automatic settlement of partial withdrawals up to Rs 5 lakh within three days. The new approach aims to extend the benefits of automation to final withdrawals and streamline account transfers when members change employers.
The move is part of a broader effort aligning with the new labour codes that seek to simplify and codify existing rules, as highlighted by Union Labour Secretary Vandana Gurnani. This reform promises to ease business operations while ensuring worker protections remain intact.
(With inputs from agencies.)
Google News