- Date : 07/11/2019
- Read: 2 mins
This is an attempt to digitise the infrastructure and simplify accessibility for the common man
The retirement fund authority EPFO has initiated two new facilities launched by Labour Minister, Santosh Gangwar during the 67th Foundation Day celebrations of the apex body. The EPFO manages funds for over six crore subscribers with the total corpus in excess of Rs 12.7 lakh crore.
With the new changes, the organisation is looking to digitise the infrastructure and simplify accessibility for the common man.
What are the changes?
All workers need to get a UAN (Universal Account Number), which enables them to automate the transfer of Provident Fund corpus when changing jobs. Traditionally, the UAN had to be obtained through the employer, which remains the same through the working life of the said employee.
With the new initiative, an employee from the formal sector can generate their own UAN through the EPFO portal, without depending on the employer.
An individual can now generate their own Universal Account Number login credentials and enrol for Provident Fund, Pension and Life Insurance benefits.
Additionally, the EPFO has collaborated with DigiLocker of the National e-Governance Division (NeGD) to move towards a paperless system and digitise all pension-related documents.
One can visit www.digilocker.gov.in and access all their Pension Payment Orders (PPO) after signing in through the DigiLocker login tab.
How does it impact employers?
EPFO has launched a digital interface for employers too. This will help the organisation monitor compliance, reduce employee harassment and push for speedy resolutions through an E-Inspection.
An E-Inspection form available to employers who do not file ECR asks them to furnish remedial action and timelines in case there are unpaid dues. The organisation has to also update the authorities regarding any changes or closure of a business.
During the event, Mr Gangwar said ‘he is getting a lot of representations related to the Employees’ Pension Scheme 1995 and would ensure that workers’ rights are protected’. Are you aware of these services EPFO is offering?