New members joining the EPFO's retirement fund scheme will have to mandatorily furnish Aadhaar number as KYC (Know Your Customer) credential for enrollment from March 1, 2013.
Employees' Provident Fund Organisation's (EPFO) existing over 50 million subscribers would be given time to furnish Aadhaar numbers. However, for existing members, the seeding of Aadhaar number has to be done in a time-bound manner.
In case any employees do not have the issued Aadhaar number, the employer can issue an Enrolment ID (EID) as per the guidelines of the body. This EID would be converted into an Aadhaar number later on.
The body would also seek the Aadhaar numbers of its pensioners through the banks.
EPFO has decided to use Aadhaar as a mandatory KYC credential to improve its services.
The pensioner can submit their Aadhaar number either to their pension-paying branch of the bank or to the EPFO office.
Earlier, EPFO had envisaged replacing its members' account number with the Aadhaar numbers to avoid the inconvenience of members, as they had to apply for the transfer of PF money to their new account with the new employer. EPFO is working to create a central database where all members would have a unique account number and would not require to transfer PF accounts to another one on changing jobs.
Besides, this will help EPFO members, particularly the construction workers, who often change their jobs or contractors.
From India, Ahmadabad
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34Employees' Provident Fund Organisation's (EPFO) existing over 50 million subscribers would be given time to furnish Aadhaar numbers. However, for existing members, the seeding of Aadhaar number has to be done in a time-bound manner.
In case any employees do not have the issued Aadhaar number, the employer can issue an Enrolment ID (EID) as per the guidelines of the body. This EID would be converted into an Aadhaar number later on.
The body would also seek the Aadhaar numbers of its pensioners through the banks.
EPFO has decided to use Aadhaar as a mandatory KYC credential to improve its services.
The pensioner can submit their Aadhaar number either to their pension-paying branch of the bank or to the EPFO office.
Earlier, EPFO had envisaged replacing its members' account number with the Aadhaar numbers to avoid the inconvenience of members, as they had to apply for the transfer of PF money to their new account with the new employer. EPFO is working to create a central database where all members would have a unique account number and would not require to transfer PF accounts to another one on changing jobs.
Besides, this will help EPFO members, particularly the construction workers, who often change their jobs or contractors.
From India, Ahmadabad
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Hello All, Please find enclosed herewith attachment for clarification of above statement of Mr. Sagar Thanking you, Regards, Ashish
From India, Pune
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From India, Pune
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EPFO KYC Digital verification process with DSC.pdf