In a press release by the Ministry of Labour and Employment on 31 July 2017, it has been stated that the EPFO has signed an agreement with 10 banks for the purpose of collecting EPFO dues and make PF payment to the EPFO beneficiaries. This list include State Bank of India, Punjab National Bank, Indian Bank, Allahabad Bank, Union Bank of India, Bank of Baroda, HDFC Bank, ICICI Bank, Axis Bank and Kotak Mahindra Bank.
Objective of the Tie Up
The main aim of the tie up is to ensure easy online banking for the employers and also to create new avenues and options by which the employer can contribute to the employee’s EPFO bank accounts.
Further the government has enacted the Unorganized Worker Social Security Act, 2008 to ensure social security benefits to workers in the unorganized sector.
Benefits of the EPF
With the passing of the Unorganized Worker Social Security Act, the benefits includes welfare schemes for the unorganized workers like
- Life and disability cover
- Health and maternity benefits
- Old age protection
- Any other benefits that will determined by the central government through the National Social Security Board
Further it has also been stated in the press release that the review of the the different schemes is a ongoing process. Thus their will be time to time revision of the welfare schemes so as to make improvements and make the lives of the people easier.