As per the Order dated 24th June 2015 by Central Provident Fund Commissioner, the payment towards Employee Provident Fund (EPF) contributions has to be made electronically through internet banking facility
- Establishments remitting contribution above Rs.100000 per month have to mandatory remit dues through internet banking only with immediate effect
- All Establishments irrespective of the amount of contribution will be required to remit dues mandatory through internet banking after September 2015.
The text of the order reads as under –
Ministry of Labour & Employment vide notification no. G S R 360( E) dated 5th May 2015 has amended Para 36(1) of the EPF Scheme, 1952. The Central Government has made it mandatory for employers to pay statutory contributions electronically through internet banking only.
- In exercise of powers conferred to the Central Provident Fund Commissioner under amended para 38(1) of EPF Scheme, 1952, it is hereby ordered that an employer who makes payment of less than Rupees one lakh in a particular month as contributions under Employees’ Provident Funds and Miscellaneous Funds Act, 1952 and Schemes framed there under, shall have the option to make such payments through bank drafts or banker’s cheques or cheques drawn only on the local bank as was being done earlier. This order is being issued considering the fact that many of the participating employers having smaller work force may not readily have facility of Internet banking.
- This order shall be valid up to the month of September 2015. Thereafter, it shall be mandatory for all employers to make payments electronically through Internet banking