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Government allows digital payment of EPF benefits

IANS  |  New Delhi 

The Ministry of Labour and Employment has made changes in the social security schemes of the Employees' Organisation to allow electronic or fund transfer and payment of EPF benefits, pension disbursement and claim.

"Such move is likely to benefit 4.5 crore EPF subscribers and around 54 lakh pensioners," a release said.

The development means that payments will be made to the beneficiaries through electronic or fund transfer system only "ensuring quick transfer of funds, easier tracking and reconciliation".

--IANS

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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