The Employees’ Provident Fund Organisation (EPFO) has successfully updated its database of subscribers with the Know Your Customer (KYC) details, such as mobile numbers, Aadhaar numbers and bank account numbers.
With social distancing norms here to stay for a while and transactions increasingly shifting to the digital mode, EPFO has also made efforts to ensure that its services are provided to all subscribers with minimal social interaction or contact. For this purpose, in the month of July, it updated its database with 2.39 lakh Aadhaar numbers, 4.28 lakh mobile numbers and over five lakh bank account numbers in the universal account number or UAN of its subscribers.
Once these KYC details are linked with the subscribers’ UAN, the KYC details will be validated and the subscribers can then avail EPFO’s services via the digital mode.
The employees of EPFO have been working on this one-time KYC updation process from home, during the pandemic. Several staff members were allocated this special work of updation.
Most businesses and organisations in the private sector use the Employees’ Provident Fund (EPF) scheme so that their employees receive retirement benefits. The EPF has three parts – he provident fund or PF which accumulates money for use post retirement; the employees’ pension scheme or EPS, which offer regular pension and the employees’ deposit-linked insurance (EDLI) which offers insurance cover.
On changing jobs, subscribers can now very conveniently transfer their PF to the new establishment, instead of withdrawing it, via the EPF portal.