Provident Fund declare settlement to get simpler? The Employees’ Provident Fund Organisation (EPFO) is about to launch its upgraded IT system, EPFO IT System 2.01, inside the subsequent quarter, based on a number of sources who spoke to ET. The new system is anticipated to considerably enhance the person expertise for greater than 60 million EPFO subscribers and simplify compliance procedures for employers.
The revamp will embrace a streamlined and centralized system for funds and claims settlement.
Sources revealed that Mansukh Mandaviya, the Labour and Employment Minister, performed a evaluation of the IT system modernisation initiatives on Wednesday. Following the evaluation, he introduced that the brand new system could be operational inside three months.
One of the sources was quoted as saying, “Over the next few months, implementation of the EPFO 2.01 project will ease the processes and turnaround time for various member and employer transactions.”
The implementation of these adjustments will result in a streamlined and centralized declare settlement course of. This consists of the entire automation of claims processing from begin to end. Additionally, pension disbursements will likely be centralized and performed on a month-to-month foundation.
The EPF accounting system will likely be primarily based on Universal Account Numbers, simplifying the method for members. The digital challan-cum-receipt will likely be restructured and accompanied by a due assertion and remittance challan. Furthermore, the requirement of transferring Member IDs (MIDs) when altering jobs will likely be eradicated, making the transition between employers smoother for staff.
For the fiscal yr 2024-25, EPFO has already launched simplified IT processes, together with the auto-mode processing of all sorts of EPF advance claims as much as Rs 1 lakh.
The revamp will embrace a streamlined and centralized system for funds and claims settlement.
Sources revealed that Mansukh Mandaviya, the Labour and Employment Minister, performed a evaluation of the IT system modernisation initiatives on Wednesday. Following the evaluation, he introduced that the brand new system could be operational inside three months.
One of the sources was quoted as saying, “Over the next few months, implementation of the EPFO 2.01 project will ease the processes and turnaround time for various member and employer transactions.”
The implementation of these adjustments will result in a streamlined and centralized declare settlement course of. This consists of the entire automation of claims processing from begin to end. Additionally, pension disbursements will likely be centralized and performed on a month-to-month foundation.
The EPF accounting system will likely be primarily based on Universal Account Numbers, simplifying the method for members. The digital challan-cum-receipt will likely be restructured and accompanied by a due assertion and remittance challan. Furthermore, the requirement of transferring Member IDs (MIDs) when altering jobs will likely be eradicated, making the transition between employers smoother for staff.
For the fiscal yr 2024-25, EPFO has already launched simplified IT processes, together with the auto-mode processing of all sorts of EPF advance claims as much as Rs 1 lakh.
