In a bid to enhance ease of living for members and ease of compliance for employers, the Employees’ Provident Fund Organisation (EPFO) is set to get a new information technology (IT) system, which is slated to be made operational within the next three months, said Union Labour Minister Mansukh Mandaviya while reviewing the social security organisation’s modernisation initiatives.
The review by the Union Minister is part of a series of meetings undertaken to revamp the EPFO’s IT system and ensure that the transition to the new platform is smooth and timely. The introduction of EPFO IT System 2.01 is part of the government’s broader commitment to enhancing ease of living for members and ease of compliance for employers.
Over the next few months, the implementation of the EPFO 2.01 Project will ease the processes and turnaround time for various member and employer transactions. The development of re-engineered and rationalised centralised payments and claims settlement will be taken up in mission mode.
This will result in centralised claim settlement, including end-to-end auto processing of claims, centralised monthly pension disbursements, Universal Account Number (UAN)–based EPF accounting, restructured electronic challan-cum-receipt (ECR) with due statement and remittance challan, and doing away with the requirement of transferring member IDs (MIDs) when changing jobs.
In FY25, the EPFO has introduced simplified IT processes, including auto-mode processing of all types of EPF advance claims up to Rs 100,000, leading to around 40 per cent of advance claims being processed in auto mode.
First Published: Aug 21 2024 | 6:09 PM IS