ETF units in PF accounts | EPFO NPCI platform | Update UAN Details Online | PF Auto Transfer | Link Aadhar with UAN Online | April 2018 – EPFO has made many benefits for their subscribers in the form of new services where the employee can avail such benefits online.
Here in this article, we’ll discuss how Employee Provident Fund Organisation(EPFO) has made many benefits for their subscribers in the form of new services where the employee can avail such benefits online.
The EPFO has more than 5 crore members and manages a corpus of more than INR 10 Lakh Crore.
According to the retirement fund body website, The UMANG Application is the only official app for EPFO services.
UMANG app was introduced to give access to covering more than 1,200 services of several government organisations, including Employees’ Provident Fund Organisation.
EPFO Top 5 Latest Changes/Services
ETF Units in PF accounts
On 23 November 2017 the Employees Provident Fund Organisation give approval to credit ETF units to PF Accounts of more than 4.5 crore subscribers.
The EPFO members can able to see the change of ETF units in their PF accounts by the March 2018. Trading cannot be done in this case & The EPFO will liquidate the Exchange traded fund (ETF) units only when members apply for a withdrawal.
The EPFO was begun investing in ETF in August 2015. They start putting 5% of their investible deposits in products linked with stock. It continued and increased to 15% for the current economy.
Employees Provident Fund Organisation has invested nearby INR 32,000 crores so far in the ETF.
EPFO Using NPCI Platform
The second approval that Employees Provident Fund Organisation has made is to use National Payment Corporation of India, In result, Now the members can not only get reduced transaction charges but they find it much more convenient.
This will allow the transfer of PF funds on the same day to the beneficiaries through NPCI platform.
Update EPF UAN Details Name, DOB, Gender Correction Online
The biggest queries that we receive is from name correction DOB correction and so on. Members under EPF has raised many complaints regarding the issues during EPF UAN Details correction process.
Under the offline process, the employee and employer both have to fill in and submit a joint declaration form request to the concerned EPFO office for correction of the details of employee.
So, the EPFO has introduced a new online method in order to change details online, Where one can update his/her details online by giving online request to the employer for correction in details.
Our article on Update EPF UAN Details Name, DOB, Gender Correction Online will help you to understand the complete process.
EPF Auto Transfer
In the past, Shifting PF accounts while changing jobs was a little difficult but now the Employees Provident Fund organisation has made it much easier.
It will now transfer automatically so all the new joiners don’t have to worry about to file separate transfer claims with the usage of EPF Form 13.
The EPFO has introduced a new composite claim form for their subscribers called Form 11, This form will replace the past EPF Form 13 in all cases of auto transfer.
Our article on EPF Auto Transfer via Composite Declaration Form 11 will help you to understand the complete process.
Linking aadhar is turning into a mandatory step and many of the EPF subscribers was facing issues in this.
So, now the EPFO has changed the whole process of linking the Aadhar with UAN. “This, in turn, would facilitate the members, a better and speedy EPFO Account services,” the retirement fund body says in a statement.
The members can find this facility on the official website www.epfindia.gov.in.
Our article on Link Aadhar Online Using e-KYC Portal will help you to understand the complete process.