The Employees Provident Fund Organisation (EPFO) will introduce a self-attestation facility starting in June, eliminating the need for employer approval to complete the Know Your Customer (KYC) process, which will be a significant relief for its 80 million active members. KYC is a one-time procedure used to verify subscribers’ identities by linking their Universal Account Number (UAN) with KYC details.
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Currently, the approval of an employer is required to finalise the KYC process for employees.
“Providing this facility will help the members complete the process with much ease, as a lot of time is currently wasted in getting approval from employers. Many times, if a firm has closed, the member cannot get the approval. The new facility will do away with all such paperwork and will reduce the rejection of claims as well,” an official said, according to a Business Standard report.
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In addition to this customer-friendly feature being introduced under EPFO 3.0, the social security organisation is also upgrading its information technology (IT) infrastructure to handle the increased load of new subscribers expected to join following the implementation of three employment-linked incentive (ELI) schemes.
“One of the features of EPFO 3.0 will be the thrust on scalability. The improved IT infrastructure will help the organisation to offer improved services to its members. As and when new members join the social security net, and we expect the active members to reach 100 million, it will be of great help,” he said.
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Additionally, under EPFO 3.0, the retirement fund body is exploring a facility in collaboration with various banks that would allow users to withdraw a portion of their funds without having to file claims.
Last month, Union Labour Minister Mansukh Mandaviya informed Parliament that EPFO is working on developing a streamlined platform to enable users to access their funds with ease.
“We are working to create a redressal system akin to the banking system. By March, we will be able to launch EPFO 3.0 through which we will be able to solve almost all the user queries,” he added, as per the report.
