Close Menu
    Facebook X (Twitter) Instagram
    • Our Story
    • Partner with us
    • Reach Us
    • Career
    Subscribe Newsletter
    HR KathaHR Katha
    • Exclusive
      • Exclusive Features
      • Research
      • Point Of View
      • Case In Point
      • Dialogue
      • Movement
      • Profile
      • Beyond Work
      • Rising Star
      • By Invitation
    • News
      • Global HR News
      • Compensation & Benefits
      • Diversity
      • Events
      • Gen Y
      • Hiring & Firing
      • HR & Labour Laws
      • Learning & Development
      • Merger & Acquisition
      • Performance Management & Productivity
      • Talent Management
      • Tools & Technology
      • Work-Life Balance
    • Special
      • Cover Story
      • Editorial
      • HR Forecast 2024
      • HR Forecast 2023
      • HR Forecast 2022
      • HR Forecast 2021
      • HR Forecast 2020
      • HR Forecast 2019
      • New Age Learning
      • Coaching and Training
      • Learn-Engage-Transform
    • Magazine
    • Reports
      • Whitepaper
        • HR Forecast 2024 e-mag
        • Future-proofing Manufacturing Through Digital Transformation
        • Employee Healthcare & Wellness Benefits: A Guide for Indian MSMEs
        • Build a Future Ready Organisation For The Road Ahead
        • Employee Experience Strategy
        • HRKatha 2019 Forecast
        • Decoding and Driving Employee Engagement
        • One Platform, Infinite Possibilities
      • Survey Reports
        • Happiness at Work
        • Upskilling for Jobs of the Future
        • The Labour Code 2020
    • Conferences
      • Rising Star Leadership Awards
      • HRKatha Futurecast
      • Automation.NXT
      • The Great HR Debate
    • HR Jobs
    WhatsApp LinkedIn X (Twitter) Facebook Instagram
    HR KathaHR Katha
    Home»News»EPFO proposes to move towards centralised payment system
    News

    EPFO proposes to move towards centralised payment system

    mmBy Prajjal Saha | HRKathaNovember 27, 20172 Mins Read1254 Views
    Share LinkedIn Twitter Facebook
    Share
    LinkedIn Twitter Facebook

    The EPFO has proposed to move towards the centralised payment system using the National Payments Corporation of India (NPCI) platform.

    The Central Board of the Employees’ Provident Fund Organisation (EPFO) had its 219th meeting in Delhi to take decisions on various requests. The meeting was chaired by Shri Santosh Kumar, Union Minister of Labour & Employment.

    The Board is now considering the 10 requests, which EPFO had earlier rejected from ineligible establishments, for waiver of damages that happened between May 20, 2017 and September 30, 2017.

    The Board started investing in Equity Exchange-Traded Funds (ETFs) since 2015. It has also incorporated the observations of CAG in the accounting policy.

    The EPFO has proposed to move towards the centralised payment system using the National Payments Corporation of India (NPCI) platform. In the current system of EPFO, payments to beneficiaries involves higher cost of transactions, delays in recredits in case of failed transaction, and there is no provision for AADHAAR-enabled payments.

    With the new centralised payment system, funds will be transferred on the same day to the beneficiaries through the NPCI platform. The transaction status will be recorded on T+0 basis which will result in early recredit in the accounts of beneficiaries in the case of failed transactions.

    The new payment facility provides AADHAAR-enabled transfer of funds. Also, the transaction cost will come down significantly.

    The Board also approved the adoption of new IT-enabled technologies to provide better services to the stakeholders.

    The Board has introduced allotment of Universal Account Number (UAN) for citizens, which is verified online with Aadhaar. This UAN is mandatory for filing returns and depositing contributions. However, EPFO faces some difficulty in seeding the Aadhaar details of employees. To sort out this problem, an open functionality has been introduced through which citizens or present prospective employees can generate their UAN on the basis of Aadhaar and link their KYC details. The registration facility is available in the Member Interface of the Unified Portal (https://unifiedportal-mem.epfindia.gov.in/memberinterface/).  Being an online facility, there is no need to submit any physical documents.

    The EPF subscribers can correct their names, DOB and gender by filing an online request to their employers in the Member Interface of the Unified Portal (https://unifiedportal-mem.epfindia.gov.in/memberinterface/) for correction in name, DoB and gender.

    Centralised Payment System EPFO Labour and Employment Ministry
    Share. LinkedIn Twitter Facebook
    mm
    Prajjal Saha | HRKatha

    Dr. Prajjal Saha, editor and publisher of HRKatha since 2015, leverages over 25 years of experience in business journalism, writing, and editing. He founded HRKatha to provide insightful analysis on the evolving workplace. With expertise spanning HR, marketing, distribution, and technology, Saha has a deep understanding of business dynamics. His authorship of the acclaimed Marketing White Book highlights his versatility beyond HR. A trusted voice across industries, his clear and thoughtful commentary has earned him a reputation for thought leadership, making him a reliable source of knowledge and insights for professionals navigating the complexities of the business world.

    Leave A Reply Cancel Reply

    3 × 4 =

    Related Posts

    Centre to revamp 1,000 ITIs to boost youth skilling

    July 16, 2025

    Nissan to shut down historic Oppama plant by 2028

    July 16, 2025

    AP government employees raise concerns over ineffective health scheme

    July 16, 2025

    Pidilite Industries partners with 600+ ITIs to skill Indian youth

    July 16, 2025

    QUICK HR INSIGHTS

    EDITOR'S PICKS

    How Castrol India is retraining its workforce for the electric age

    July 16, 2025

    Mahindra Holidays turns to local communities for talent as India’s hospitality schools empty out

    July 15, 2025

    Why ‘Centres of Excellence’ can hollow out the very culture they’re meant to strengthen

    July 14, 2025

    How a thumbs-up became a generational minefield

    July 11, 2025
    Latest Post

    Dipty Jalan returns to Usha International, as CHRO

    Movement July 16, 2025

    Dipty Jalan has returned to Usha International as chief human resources officer (SVP HR). After…

    Centre to revamp 1,000 ITIs to boost youth skilling

    News July 16, 2025

    In a major move to transform India’s vocational training ecosystem, the Central government is set…

    Nissan to shut down historic Oppama plant by 2028

    News July 16, 2025

    Nissan Motor Co. has confirmed plans to permanently close its iconic Oppama plant in Kanagawa…

    AP government employees raise concerns over ineffective health scheme

    News July 16, 2025

    Andhra Pradesh’s Employees’ Health Scheme (EHS), introduced in 2013 to provide cashless, quality medical care,…

    Asia's No.1 HR Platform

    Facebook X (Twitter) Instagram LinkedIn WhatsApp Bluesky
    • Our Story
    • Partner with us
    • Career
    • Reach Us
    • Exclusive Features
    • Cover Story
    • Editorial
    • Dive into the Future of Work: Download HRForecast 2024 Now!
    © 2025 HRKatha.com
    • Disclaimer
    • Refunds & Cancellation Policy
    • Terms of Service

    Type above and press Enter to search. Press Esc to cancel.