The Employees’ Provident Fund Organisation (EPFO) has introduced a new rule for employers to clear their old EPF dues. Instead of the old way of submitting Challan-cum-Return (ECR) and paying via internet banking, they can now make a one-time payment via demand draft.
The objective is to fasten the process of depositing EPF dues, and avoid delays and technical glitches.
In addition to inviting penalties, the delays caused a lot of frustration and dissatisfaction.
The ECR filing system encountered technical issues quite often leading various field offices to flag concerns.
There will no longer be cases of payment refusal merely because of issues related to ECR filing. Employers will not have to face penalties due to delay in filing.
The EPFO has been striving to make life easier for subscribers. Most recently it introduced a new digital feature allowing employees to generate and activate their Universal Account Number (UAN) with the help of the Aadhaar-based Face Authentication Technology (FAT).
arlier, the UAN was generated by the employers, which increased the likelihood of errors in terms of entering their personal details, such as name or mobile number. Additionally, it was a little long drawn and complicated requiring users to use their Aadhaar OTP to activate. There was also the worry of employers not sharing the UAN details with employees. With this digital feature, the objective is to minimise errors and enhance the experience for all subscribers, making the process easy and simple. The retirement fund entity has also made it possible for subscribers to withdraw cash from their provident fund via ATMs.
