To reduce the workload of exempted establishments and ensure better monitoring of provident fund investments, the EPFO has launched the facility for filing electronic returns.
Launching the software here, Labour Minister Oscar Fernandes said the facility would benefit over 3,000 exempted establishments that were now required to file their monthly and annual paper returns.
He said it was the Employees Provident Fund Organisation (EPFO) that had been entrusted with the responsibility to ensure that employees were paid provident fund and pension on time.
Labour Secretary Gauri Kumar called for close monitoring of exempted establishment as they managed the provident funds of over 56 lakh members and the funds size of these establishments had exceeded Rs 1,59,000 crore.
The EPFO said it was also working on a software to take care of transfers of the employees from unexempted establishments to exempted ones and vice-versa.
K.K.Jalan, Central Provident Fund Commissioner, said EPFO was committed to strengthen e-governance and provide better services to its stakeholders.
According to the EPFO, the electronic return has six parts — establishment details, trust details, employment details, contribution details, investment details and annual information.
The establishment details and trust details will be for one time entry and editing can be done later if required. Employment details and contribution details will be entered each month by all establishments complying as exempted under the EPF scheme. Investment details will have to be entered by the parent trust every month.
The participating units and branches can view the data. This part will have the details of receipts and payments including investments by the trust.
Annual information will be made by the parent trust only at the end of each financial year, with details such as audit of accounts, interest declaration, maturity/interest in default etc.