The subscribers of the Employees Provident Fund Organisation (EPFO) would now have Universal Account Number (UAN) for safety.On opening UAN accounts, employees’ accounts would receive remittances even though they switch over to other companies or quit jobs, said Central Provident Fund Commissioner KK Jalan at a Press meet organised here by the EPFO.However, he said Aadhaar cards would be made mandatory for opening of UAN accounts for greater transparency. Currently, 50 lakh subscribers have UAN accounts and it is targeted that the number would reach 3.5 crore by August 25, he added.
Jalan further informed that companies registering 80 per cent of their employees with the EPFO by August 25 would get 10 per cent refund on their contributions while those registering 60 per cent of their employees would fetch 5 per cent refund. But stringent punitive action would be taken against those showing no interest in registering their employees, added Jalan.
Similarly, in order to make provident fund simpler, online deposit and deposit amount transfer would be introduced very soon. This apart, ‘Nidhi Aapki Nikat’ a new programme would be launched. Under this programme, subscribers can visit the office on 10th of each month and register their complaints. Moreover, steps are being taken to make pension payments on the 1st of every month, informed Jalan.