- Date : 03/01/2020
- Read: 3 mins
Various digital initiatives are being undertaken to make the EPFO process easier for users to subscribe, access and interact with the organisation
The retirement organisation Employees' Provident Fund Organisation (EPFO) is undertaking various digital initiatives to make it easier for employees and employers alike to subscribe, access and interact with the organisation.
In a byte, the Central Provident Fund Commissioner Sunil Barthwal said, “EPFO has focus on two major initiatives during the year 2020. The first initiative is to further promote ease of living for workers. The second initiative is targeted at promoting ease of doing business for employers."
What are the initiatives?
EPFO will be allowing an online generation of Universal Account Number (UAN) for subscribers and e-inspection system for employers. To ensure that no eligible worker is deprived of social security benefits, the e-facility to generate the UAN number will be provided to all workers with valid KYC documents.
Similarly, employers can now do away with physical submission of documents and in-person assessment through an inspector. A pilot e-inspection system will allow employers to state the reason for non-filing on the employer’s portal and avoid physical inspection.
Additionally, with an aim to ease out life of pensioners, they will no longer have to carry a physical PPO (Pension payment Order) while claiming their pension. A digital PPO form secured via DigiLocker will make storing and accessing documents safe and hassle free. The e-form can be accessed by the pensioner via a mobile app or the DigiLocker website to authenticate their credentials.
EPFO is also revamping the queries and grievance cell with launch of EPFIGMS version 2.0 that will benefit about five crore subscribers and lakhs of employers through a speedy resolution of issues.
What are other developments on the EPFO front?
The Finance Minister ratified the interest credit for FY2018-19 for over six crore subscribers of EPFO after the apex body for EPFO, the Central Board of Trustees headed by Labour Minister approved an interest rate of 8.65% to be credited for the said year.
This year, EPFO will also be making investments in Nifty 50 and Sensex as approved by the trustees. The quantum of investments will be evenly divided between both options. On the other hand, the organisation will be prematurely withdrawing investment in bonds to the tune of Rs 700 crore invested with the troubled Dewan Housing Finance Corporation Ltd (DHFL). EPFO will withhold further investments in bonds of any private entity for the time being.
The trustees also approved the appointment of two AMCs, namely UTI and SBI as fund managers for three years, starting October 01, 2019.The company has also obtained a Legal Entity Identifier Code (LEI) as advised by the RBI in November 2018, which will allow EPFO to participate in non-derivative markets. Read this know if you are aware of these services that EPFO is offering.