The Employees' Provident Fund Organisation (EPFO) organised its 5th interactive Live session on the benefits of "EPF Transfer" on Tuesday which was streamed on Facebook, Instagram and YouTube with more than 25,000 views, according to a statement issued by the Ministry of Labour and Employment.
Various aspects of EPF transfer were detailed by Sanat Kumar, an official from the EPFO Head Office. The Speaker also answered questions raised by members.
Importance of EPF Transfer for Members
Underlining the importance of EPF transfer, Kumar said that consolidating the different EPF accounts makes members eligible for pension benefits. It also helps members in obtaining different advances/partial withdrawals. He explained the processes of transferring the EPF account of exempted establishments.
Process for Transferring EPF Accounts of Exempted Establishments
The EPFO which functions under the Ministry of Labour and Employment, is taking proactive steps towards ease of living by educating and generating awareness among members and pensioners, the official statement said. The recorded live session is now available on YouTube (https://www.youtube.com/watch?v=CqBIJ6LQa8c).
Members, including general public, can watch this session and also previous Live sessions to know about benefits, services and procedure of getting these benefits from EPFO and reap maximum benefits out of it. The Live sessions are held every second Tuesday of every month. The first session was held on May 14, 2024.
The next Live session will be on September 10, 2024, and the topic of discussion shall be announced on social media handles of EPFO in advance on September 3, 2024, the statement added. EPFO added 19.50 lakh net members in the month of May this year which is the highest ever since the first payroll data was issued in April 2018, according to the latest figures. The total number of net additions represent a 19.62 per cent increase compared to the corresponding figure for May 2023.
Factors Contributing to the Surge in EPFO Membership
The surge in membership is attributed to increased employment opportunities, a growing awareness of employee benefits, and the effectiveness of EPFO's outreach programmes.
The data indicates that around 9.85 lakh new members have enrolled during May 2024. There is an increase of 10.96 per cent in the new members from the previous month of April 2024 and 11.5 per cent increase from the previous year, May 2023
