From now on PF withdrawals will be made easy and even pension will be available easily to all EPF subscribers. It is so because EPFO and ten banks came together to collect all EPFO dues. Besides this will help to make payments related to Employees Provident Fund Organisation. While this payment relates to payments of pension, PF withdrawals and insurance.
Transfer of funds in easy mode
Hence it becomes simple task for all people to get PF benefits. Further multi banking agreement or arrangement would be beneficial to employers as well. As there are many options to remit or send EPF contribution to bank accounts directly.
Mr. Bandaru Dattatreya, Minister of State for Labour and Employment also added that such a measure would be a welcome change to workers from unorganised sector as well. This is so because Government of India plans to provide social security. While this is only for workers from unorganised sector.
Schemes for unorganised sector workers
On other hand Indian Government enacted Unorganised Workers Social Security Act 2008. According to this Social Security Act authorities will make some welfare schemes. These schemes are about health benefits, life cover and maternity benefits. Old age protection and disability cover. Further other benefits would also be part of this list of benefits for this sector.
Authorities will add other benefits from time to time or as Central Government thinks is required at that particular time. However this is only through National Social Security Board. Various departments take care of this policy of allotting funds or benefits to EPF members. Some of these things are like minimum wages in Central sphere.
It may also relate to plans such as deposit linked insurance scheme of employees or for that matter improvement in paid maternity leave. Plus other things also come in this context. This is the reason that Government of India along with Employees Provident Fund Organisation thought about agreeing to come together with ten banks.
Know how to claim EPF using your Aadhaar card online.
List of ten banks part of PF withdrawals
Ten banks which will be part of this task of collecting EPFO dues and making payments are listed below. These bank would also be responsible for making payments towards insurance and pension to all EPFO beneficiaries.
And these banks are State Bank of India, Indian Bank, Punjab National Bank, Bank of Baroda and Kotak Mahindra Bank. Other banks which are part of this scheme are Union Bank of India, Allahabad Bank, Axis Bank, HDFC Bank and ICICI Bank.
Hence these new plans and or schemes from EPFO organisation makes all things simple and easy. On other hand Employees Provident Fund Organisation started another scheme and this is about EPF pensioners getting medical benefits. So you can see how provident fund organisation is helping all EPF pensioners as well.