Mandatory for employers to pay contribution through internet banking - EPFO

New Delhi, June 22 (KNN) The retirement body, Employees’ Provident Fund Organization (EPFO), today made Universal Account Number (UAN) mandatory for all employers to pay the statutory contribution through internet banking.

“The Central Government in exercise of the powers conferred by section 5 read with sun-section 1 of the EPF & MP Act 1952 has notified amendments in Paras 38(1) and 48 of EPF Scheme, 1952 making it mandatory for employers to pay the statutory contribution through internet banking,” EPFO said in a notification today.
 
The facility to give option of payment through physical mode of payments (bank drafts or banker’s cheques or cheques) for transitory period is being considered at appropriate level, it said.
 
The employers may be advised…for depositing contributions through internet banking  from the date of notification, it added. (KNN Bureau)