Online module for surrender of exemption from EPF unveiled

economictimes.indiatimes.com:

EPF) Scheme, which will reduce the time and effort on the part of the members while providing facilities such as online submission of applications, validation of applications and transfer of past accumulations of the subscribers.

«This facility will benefit at least 1 lakh members of 70 establishments to transfer the accumulations of almost ₹1,000 crore, as and when their surrenders are admitted,» labour and employment minister Mansukh Mandaviya said at the launch.

He said the online facility will replace the earlier system of physical submission with voluminous documents and allow the establishment to track the applications with a tracking ID.

Exempted establishments have been found to be surrendering their exemptions primarily due to their inability to match the benefits under the EPF scheme, which is mostly rate of interest generated by the statutory EPF scheme and digital services of claim settlement, e-nomination and member passbook available on the Employees' Provident Fund Organisation (EPFO) portal.
Mandaviya said the EPFO has taken a number of initiatives to address a number of issues. «These are the first steps of the many other initiatives that are planned in the immediate future,» he said and urged officers to find timely solutions to the current issues while having a vision for the future.