Via its notification dated May 4, 2017, the Ministry of Labour & Employment amended the Employees’ Provident Fund Scheme, 1952; the Employees’ Pension Scheme, 1995; and the Employees’ Deposit Linked Insurance Scheme, 1976; to enable payments to be made to the beneficiaries/pensioners/insurance claimants via an electronic or digital funds transfer system. This mode of funds transfer has been made mandatory, and is expected to benefit 4.5 crore EPF subscribers and around 54 lakh pensioners.
Sources: 1, 2
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