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Thursday, September 18, 2014

Mandatory Bank Account at the time of Joining EPF Fund


Dear Employer,
Central Government has issued direction under Para 78(1) of the Employees’ Provident Funds Scheme, 1952 to issue order making submission of Bank Accounts by the members mandatory in order to facilitate the allotment of Universal Account Number, proper implementation of the Employees’ Provident Funds Scheme, 1952 and removal of the difficulties in the matter of payment of accumulations in the Fund to members after they cease to be such members.
Accordingly, the Central P.F.Commissioner in exercise of powers conferred under Para 78(3) of Employees’ Provident Funds Scheme 1952, issued order making submission of above account of members compulsory. The said order dated. 17.09.2014 is as under :-
ORDER
Subject : Submission of Bank Account details regarding members 

of the Fund.


In view of the directions issued by the Central Government (the Ministry of Labour & Employment, Govt. of India) under para 78(1) of the EPF Scheme, 1952. I, K.K. Jalan, Central Provident Fund Commissioner, hereby issue the following directives in exercise of powers under para 78(3) of the EPF Scheme, 1952 :
1.Every employer henceforth will provide the core banking account number with IFSC code of the bank branch in respect of every new member on joining the Fund.
2.The employer will also furnish the information regarding the core banking account number with IFSC code of the bank branch in respect of existing members by 15.10.2014.
3.The employer will also provide the core banking account number with IFSC code of the bank branch in respect of previous members under its employment by 31.10.2014.
4.The members of the fund who are presently not employees of any establishment covered under the Employees’ Provident Funds & Miscellaneous Provisions Act, 1952 will provide their core banking account numbers with IFSC code of the bank branch, a crossed cheques folio with member’s name printed thereon and their previous Provident Fund account number themselves at any Regional or Sub Regional Office of the Employees’ Provident Fund Organisation. This information shall be provided by 30.11.2014.
These directions will come into force with immediate effect.
In view of the above you are advised to ensure the uploading of 100 % Bank Account in respect of all your employees. 

Respective Circular Enclosed for your ready reference.