- Date : 29/08/2019
- Read: 3 mins
Find out what does the EPFO plan to do to make Provident Fund simpler and convenient for the members and beneficiaries
Central Provident Fund Commissioner Sunil Barthwal confirmed that Employees' Provident Fund Organisation (EPFO) will launch an e-inspection system which will simplify PF related processes for organisational and individual users. Organisations with clearer communication with the EPFO will be able to avoid physical inspections unless it is an absolute necessity. The Employee Provident Fund Organisation also proposed to amend the PF Act and limit the period of enquiry to a maximum of two years. This will further ease the efforts of member organisations. Mr Barthwal declared the same in a recent interactive session organised by the Confederation of Indian Industry.
Apart from this, the EPFO will also look for an alternative authentication measure for employee database. This is expected to eliminate the problem of mismatch of data. Because of this some employees are not able to generate their UAN and check their PF claim status or use the EPFO E-Sewa. PF balance check with UAN number will become easier for such beneficiaries.
Besides, for the beneficiaries who have an Aadhaar linked UAN, a bank account and a registered mobile number, the EPFO is trying to reduce the settlement period for KYC complaints down to three days. There are plans to set up a society of self-regulatory consultants, akin to the Institute of Chartered Accountants of India in order to put a check on misuse and corruption in employee provident fund or activities like PF claim status. In the future, defaults will be decriminalised and treated as economic offences, the release said.
Finally, the release also stated that the EPFO E-Sewa, which facilitates digital and app-based services for PF balance check with UAN number, PF claim status check etc., the next step would be the use of technologies like big data analytics platform through artificial intelligence and machine learning.
What are the EPFO E-sewa facilities available?
You can file your nomination using the e-nomination facility. You can create and maintain your profile, change and update basic information, contact details and KYC information. You can make PF transfer request under the “One member, One EPF” scheme. You can also claim PF using Forms 19, 31, 10C and 10D. You can also check PF claim status and PF balance check with UAN number.
What is UAN and how does it streamline the PF process?
UAN does away with the confusion of multiple PF accounts in the name of the same person. This used to happen when a person changed his or her job. UAN helps the EPFO to track a person and the deposits made into the account in spite of job changes. It is by logging into the UAN that a person can use the EPFO E-Sewa services.
What change will the decriminalising of default do?
As per PF Act, an employer who defaults in the payment of employees' contribution will be punished with an imprisonment of not less than one year and a fine of not less than thousand rupees. A basic difference would be that in case of economic offence by an organisation, the punishment is generally a fine and not necessarily a jail term. Do you know that General Provident Fund interest rate has been lowered down to 7.9%? Check the details here.