The employers whose statutory contributions are less than Rs 1 lakh would have an option to make such payment through bank drafts or banker's cheques drawn on local banks, as was done earlier, till September this year, says an Employees' Provident Fund Organisation (EPFO) order issued today.
Giving a breather to small firms, retirement fund body EPFO has allowed employers whose statutory contribution is less than Rs 1 lakh to make payment through bank drafts, banker's cheques and local cheques till September this year.
However, these employers would have to make payments electronically through Internet banking after September this year.
The employers whose statutory contributions are less than Rs 1 lakh would have an option to make such payment through bank drafts or banker's cheques drawn on local banks, as was done earlier, till September this year, says an Employees' Provident Fund Organisation (EPFO) order issued today.
Labour Ministry had made it mandatory to pay statutory contributions electronically through Internet banking on May 5 this year.
"This order is being issued considering the fact that many of the participating employers having smaller workforce may not readily have the facility of Internet banking," it said, adding that this order shall be valid till September and thereafter it shall be mandatory for all employers to make payment electronically through Internet banking.
However, it also states that these small employers would also have an option to make payment through Internet banking during the interim period till September this year.
EPFO has over 6 crore subscribers and manages a corpus of Rs 6.5 lakh crore. It is expected to receive incremental deposit of about Rs 1 lakh crore this fiscal.
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