EPFO simplifies rules related to fund transfer
Over 7.6 crore members of retirement fund body EPFO can now change personal details like name and date of birth online without any verification by the employer or approval by EPFO with the rollout of a new facility on Saturday.
Besides, the Employees’ Provident Fund Organisation (EPFO) members with e-KYC EPF accounts (Aadhaar seeded) can file their EPF transfer claims online with Aadhaar OTP (one time password) directly without any need for intervention of the employer.
Union Labour and Employment Minister Mansukh Mandaviya introduced the two new services on Saturday.
The minister said around 27 per cent of grievances filed by members are related to member profile/KYC issues and that would see a significant drop after the rollout of the facility.
He also stated that large employers having a huge workload of such requests will also benefit.
This facility will be available for members, whose UAN (universal account number) was issued after October 1, 2017, (when Aadhaar matching was made mandatory).
No supporting document is required in such cases, the minister said.
If the UAN was issued prior to October 1, 2017, the employer can correct details without the EPFO’s approval.
