In a major step towards going paperless, the Employees Provident Fund Organisation (EPFO) made online filing mandatory in cases where…
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In a major step towards going paperless, the Employees Provident Fund Organisation (EPFO) made online filing mandatory in cases where withdrawal claim is above Rs 10 lakh.
Online filing has also been made compulsory for withdrawals of above Rs 5 lakh under the Employees Pension Scheme (EPS).
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As of now, those covered under EPFO and EPS can file their claims both online as well as manually.
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According to reports, the decision will be come into force in August.
The decision to go paper free was taken at a meeting chaired by Central Provident Fund Commissioner on 17 January.
Subscribers will have to be issued with an activated universal account number, which they can use to login to the interface to file online claims. The bank account of the subscriber has to be seeded and verified in the system before the claims can be settled.
The EPFO has over six crore subscribers and manages a corpus of Rs 10 lakh crore.
(With PTI inputs.)
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