EPFO to eliminate multiple PF accounts after Aadhaar seeding process

EPFO to eliminate multiple PF accounts after Aadhaar seeding process

Kolkata: The Employees Provident Fund Organisation (EPFO) wants to do away with multiple provident fund accounts of an individual after the process of Aadhaar seeding is complete, said an official on Friday.

It may be noted that Aadhaar seeding is a process in which the unique IDs of residents are included in the service delivery database of service providers.

“Aadhaar seeding and bank account linking will help do away with multiple provident fund accounts, once the merger of accounts happens with the help of Aadhaar seeding,” Additional Central PF Commissioner SB Sinha told IANS.

Sinha went on to say that linking bank accounts with Aadhaar would significantly help the EPFO to manage PF accounts, leading to better management of claim settlements.

It is no secret that generation of a Universal Account Number (UAN) requires mandatory Aadhaar seeding, bank details and mobile numbers.
Sinha also said that for old account holders, seeding was being carried out.

Regional PF Commissioner Navendu Rai said there were 26 lakh regular contributing members in West Bengal at present, but the number of PF accounts issued from the state was about 70 lakh.

“On an average, one person has three PF accounts (in West Bengal) due to change in employment,” he said on the sidelines of a programme organised by the Indian Chamber of Commerce (ICC).

According to him, online submission of claims and settlements would also be possible in case of Aadhaar-seeded UAN holders.

“An employee will not require transferring their PF account to the new employer as with Aadhaar-seeded UAN numbers, the transfer will happen automatically and seamlessly without any intervention of the member,” Rai added.

Source by timesnownews..

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