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# Business

Government allows digital payment of EPF benefits

The Ministry of Labour and Employment has made changes in the social security schemes of the Employees' Provident Fund Organisation…

IANS | New Delhi | May 18, 2017 3:33 pm

Government allows digital payment of EPF benefits

EPFO (FACEBOOK)

The Ministry of Labour and Employment has made changes in the social security schemes of the Employees' Provident Fund Organisation to allow electronic or digital fund transfer and payment of EPF benefits, pension disbursement and insurance 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 digital fund transfer system only "ensuring quick transfer of funds, easier tracking and reconciliation".

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# Opinion

A decent pension

The new pension scheme for its employees, inferior to the existing one, is a case in point. More disturbing is the denial, due to some flimsy objections, of the higher pension right to a large number of employees already covered under the Employees’ Provident Fund (EPF) scheme, not to speak of the total exclusion of a category of employees recruited after 1 September 2014.