The new facility will facilitate unpredictable PF transfer and will save companies time. In such a situation, it will take less time to transfer the PF of the employees and they will have the facility to do more unpaired PF transfer than the exemption.
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Mr. Apoorva Chandra, after assuming his position as Secretary in the Ministry of Employment and Labor, has launched two excellent facilities related to PF (Provident Funds). Please tell that Shri Apoorva Chandra Ji took the post of Secretary in the Ministry of Employment and Labor on 1 October 2020. He has firstly provided the facility to apply for the scheme certificate online on the Umang app.
Now on 9 October 2020, EPFO (Employees Provident Fund Organization) launched a tremendous facility for exempted trusts, which provides an excellent facility to exempted establishments. This will also provide huge benefit to the members of PF (Provident Funds).
Also Read: EPF: Calculate how much interest is received on EPF and how it is done, know here
PF trusts exempted from EPFO under Section 17 of the EPFO and MP Act 1952 are called erstwhile PF Trusts. There are more than 1500 exempted PF trusts in the country. In these trusts, the employees’ money is not deposited with the EPFO. And the company has deposits.
In this, employees get all the benefits given by EPFO. Such as the interest rate and other benefits of the plan. But employees of exempted organizations do not get the benefit of online facility of EPFO. Because their PF money is deposited with the company.
If you also have to transfer, then you have to submit the application to the Human Resources Department of the exempted institute / company! Because unexpected PFs cannot be transferred online from exempted PFs. In such a situation, the exempt organization receives several transfer claims every day. And the human resources department has to upload the data of each employee and make payments to the EPFO, which takes a long time.
Explain that this new facility will facilitate unpaired PF transfer and will also save companies time. In such a situation, it will take less time to transfer the PF of the employees and they will have the facility to do more unpaired PF transfer than the exemption.
