EPFO to Launch Advanced Technology System in 3 Months

 

UV INDIA NEWS: Labour Minister Mansukh Mandaviya has announced that the Employees' Provident Fund Organisation (EPFO) will launch its new information technology system, "EPFO 2.0," within the next three months. The announcement came as part of ongoing IT modernisation initiatives to enhance the organisation's efficiency and ease of operations.

The new system promises several improvements, including centralised claim settlement with end-to-end automation of claims processing, centralised monthly pension disbursements, and universal account number-based EPF accounting. Additionally, it will simplify the remittance process by restructuring the electronic challan-cum-receipt with due statements and eliminate the need for member ID transfers when changing jobs.

The system replaces the traditional approach of physically submitting voluminous documents, offering an online submission and tracking feature for members' applications. This upgrade is expected to reduce processing times and streamline transactions for both members and employers.

As part of these modernisation efforts, Mandaviya also launched the "Online Module for Surrender of Exemption" on August 13. This module further reduces the time and effort required by providing online facilities for application submission, validation, and transfer of past accumulations.

The introduction of EPFO 2.0 is part of the government's broader initiative to enhance members' ease of living and simplify employers' compliance, reflecting a commitment to modernising public services through advanced technology.