Retirement fund body EPFO (Employees’ Provident Fund Organisation) has inked pacts with five banks for collections of provident dues and to make retirement payments.
The tie-ups with Bank of Baroda, ICICI Bank, HDFC Bank, Axis Bank and Kotak Mahindra Bank will help EPFO save around Rs 125 crore a year and expedite its investments as well as payment of benefits to its members.
Employers having bank account with these banks can now deposit PF dues directly in EPFO’s account using internet banking in real time basis instead of going through the aggregator mode.
Important Takeaways from Above News-
- EPFO came into existence under the promulgation of the Employee’s Provident Fund Ordinance on the 15th November 1951.
- It was replaced by the Employee’s Provident Fund Act, 1952.
Source- The Economic Times