Foreign staffs’ PF to be sent to home countries
22 Oct 2014 11:08 PM GMT
Retirement fund body EPFO has started a new facility to transfer provident funds of foreign employees to bank accounts in their own countries.
The facility will help international workers to avoid opening of bank accounts in India for settling their PF claims with with the Employees' Provident Fund Organisation (EPFO), a senior official said.
As of now, foreign employees applying for withdrawal of provident funds (PF) are required to open bank accounts in India. After settlement of claims, they transfer their money from India to bank
accounts in their own countries, a cumbersome and time-consuming exercise.
According to an order, EPFO's Delhi (North) office has opened three accounts with the State Bank of India's Parliament Street (New Delhi) branch for making payment under the Employees' Provident Fund Scheme, Employees Pension Scheme and Employees' Deposit Linked Insurance Scheme to international employees through bank accounts in their own countries.
Over 120 field formations will make payment under the three different social security schemes run by EPFO through three SBI accounts to international employees' accounts in their countries. At present, EPFO has social security agreement with 12 countries including Germany, France and Belgium.
The facility will help international workers to avoid opening of bank accounts in India for settling their PF claims with with the Employees' Provident Fund Organisation (EPFO), a senior official said.
As of now, foreign employees applying for withdrawal of provident funds (PF) are required to open bank accounts in India. After settlement of claims, they transfer their money from India to bank
accounts in their own countries, a cumbersome and time-consuming exercise.
According to an order, EPFO's Delhi (North) office has opened three accounts with the State Bank of India's Parliament Street (New Delhi) branch for making payment under the Employees' Provident Fund Scheme, Employees Pension Scheme and Employees' Deposit Linked Insurance Scheme to international employees through bank accounts in their own countries.
Over 120 field formations will make payment under the three different social security schemes run by EPFO through three SBI accounts to international employees' accounts in their countries. At present, EPFO has social security agreement with 12 countries including Germany, France and Belgium.
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