Millions of employees and pensioners across India will receive a massive sigh of relief with the Employees’ Provident Fund Organisation’s (EPFO) amazing upgrade of the IT system. Guided by the Union Ministry of Labour and Employment, the new system will now be able to automate claim settlement, facilitate balance checks, and ensure timely disbursement of pension, among other functions, within 3 months.
The New IT System for EPFO Will Have the Following Features
Auto-Processing for Faster Claim Settlement
Cases of waiting forever for an EPF withdrawal or claim settlement are things of the past. The new system introduces an auto-processing mode that helps get the money transferred in the least possible time without any human delays. This ensures that employees can expect their money faster with the least processing time.
Fixed Pension Payment Dates
Pensioners are financially stressed due to erratic payments of their pensions. The new upgraded system guarantees that pensions will be credited on a fixed date every month, thereby avoiding all uncertainty and giving assurance to retirees in terms of financial security.
UAN Services for Ease of Access
With the help of the Universal Account Number (UAN), employees can now do the following:
- Check their EPF balance instantly
- Download the passbook without any hassle
- Update nominee details with little effort
This centralized and UAN-driven approach ensures that all services can be availed of with just a few mouse clicks.
No More MID Transfers When Switching Jobs
One of the hottest issues when it came to job change was the process of transferring the Member ID (MID). The new system has put an end to this headache by allowing all employees to enjoy the facility of maintaining a single EPF account. This translates into:
- No opening of a new account with every job change
- Transfer of funds between employers made smoother
- Less paperwork and faster processing
Benefits to Employees and Pensioners
- Faster Claims and Balances
Employees can now file claims and check balances at lightning speed, thereby minimizing reliance on any manual verification. - Secured Monthly Pension Payments
Pensioner dues would be paid timely and securely, providing the needed financial support without delays. - Hassle-Free Job Transition
Switching jobs? Fund transfers are made easy with the new system! It’s all so simple when you make the switch to a new job.