Digitisation will benefit 20 cr PF accounts: EPFO
PUNE : With an aim to ensure ‘Ease of Living for Employees’, the Employees’ Provident Fund Organisation (EPFO) is moving towards a digital system by introducing significant technological and procedural changes.
“When a person moves from organisation X to organisation Y, then there will be no further need to post a claim for transfer of Provident Fund (PF) account as it will be done automatically by EPFO,” said Central Provident Fund Commissioner Sunil Barthwal.
Barthwal was speaking at an event organised by the Confederation of Indian Industry (CII) and the Employers’ Federation of India (EFI).
Reiterating its commitment to progressive and digital reforms, Barthwal said that EPFO is heading towards the second phase of computerisation and keeping in mind the online processes, will be implementing Big Data Analysis, Artificial Intelligence and Machine Learning.
“I have personally reviewed and found out that only 34 per cent of all claims for PF were coming online, and within one year, 90 per cent of all claims are being implemented online now, which has increased efficiency and has removed inconvenience to the subscribers,” he said.
Chairman CII National Committee on IR, President EFI and MD and CEO Thermax, MS nnikrishnan said, “EPFO has taken a great step in terms of interaction with the industry and is trying to understand their grievances. The kind of automation and digitalisation that EPFO has implemented is quite commendable,” he said.
- EPFO currently handles around 20 crore PF
- accounts in India.
- EPFO is working on online PF settlements, online linking of Universal Account Number (UAN) with Aadhaar of employees, auto transfer of PF account on change of employment, the launch of new mobile application UMANG and online monthly PF returns for private trusts.
- CII and EPFO have created a dedicated helpline portal to facilitate response to queries and issues raised by industry members related to PF.