Retirement fund body EPFO made it mandatory for firms to provide their employees' bank account numbers with IFSC code of bank branch to facilitate allotment of universal PF account number and payment to its subscribers.
The Employees' Provident Fund Organisation headquarters has asked its over 120 field offices to seek the core banking account numbers with IFSC code of bank branch for seeding the same with the portable Universal PF Account Number (UAN).
"...Government issued direction ..To issue order making submission of Bank Accounts by the members mandatory in order to facilitate the allotment of UAN, proper implementation of the EPF Scheme, 1952 and removal of the difficulties in the matter of payment of accumulations in the Fund to members after they cease to be such members," an office order said.
EPFO's Central Provident Fund Commissioner K K Jalan has said that these directives shall help the body in getting the bank account details of all the members which are necessary for making UAN operational.
At present, EPFO has already captured bank account details in respect of 1.80 crore employees, PAN details in respect of 86.9 lakh employees and Aadhar number in respect of 28.2 lakh employees.
The EPFO is in the process of making portable Universal PF Account Number (UAN) operational for its 4.17 crore contributing subscribers by October 15.
The body had started the process of seeding the 4.17 crore UANs with subscribers bank account numbers, PAN, Aadhaar and other Know-your-Customers (KYC) details to improve the delivery of its services in July this year.
As per the office order, the firms will have to furnish the information regarding the core banking account number with IFSC code of the bank branch in respect of existing members by October 15.
Besides the employers shall provide the information regarding bank account and IFSC code in respect of previous members under their employment by October 31.
The order further stated that every employer henceforth will provide the core banking account number with IFSC code of the bank branch in respect of every new member on joining the Fund.
As per the order, the subscribers of the fund who are presently not employees of any establishment, will provide their core banking account numbers with IFSC code of the bank branch, a crossed cheque folio with member's name printed thereon and their previous PF account number themselves at any Regional or Sub-Regional Office of the EPFO. These category of members shall be provided this information by November 31.
