Provident Fund claim settlement to get easier? The Employees’ Provident Fund Organisation (EPFO) is set to launch its upgraded IT system, EPFO IT System 2.01, within the next quarter, according to multiple sources who spoke to ET. The new system is expected to significantly improve the user experience for more than 60 million EPFO subscribers and simplify compliance procedures for employers.
The revamp will include a streamlined and centralized system for payments and claims settlement.
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Sources revealed that Mansukh Mandaviya, the Labour and Employment Minister, conducted a review of the IT system modernisation initiatives on Wednesday. Following the review, he announced that the new system would be operational within three months.
One of the sources was quoted as saying, “Over the next few months, implementation of the EPFO 2.01 project will ease the processes and turnaround time for various member and employer transactions.”
The implementation of these changes will lead to a streamlined and centralized claim settlement process. This includes the complete automation of claims processing from start to finish. Additionally, pension disbursements will be centralized and conducted on a monthly basis.
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The EPF accounting system will be based on Universal Account Numbers, simplifying the process for members. The electronic challan-cum-receipt will be restructured and accompanied by a due statement and remittance challan. Furthermore, the requirement of transferring Member IDs (MIDs) when changing jobs will be eliminated, making the transition between employers smoother for employees.
For the fiscal year 2024-25, EPFO has already introduced simplified IT processes, including the auto-mode processing of all types of EPF advance claims up to Rs 1 lakh.
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