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EPFO Introduces Self-Correction Feature, Simplifies Processes for Subscribers

EPFO

The Employees’ Provident Fund Organisation (EPFO) has announced major changes to streamline processes for its nearly 70 million subscribers, allowing them to self-correct personal details without requiring employer approval.

The reforms aim to reduce bureaucratic delays and enhance user experience, Union Labour Minister Mansukh Mandaviya said on Saturday.

Key Changes for Members

EPFO members can now update details such as their name, address, and bank information by logging into the EPFO website.

For Aadhaar-verified account holders, these corrections will no longer need the employer’s verification or EPFO’s approval. This reform is applicable to accounts with a Universal Account Number (UAN) issued after October 1, 2017, when Aadhaar verification became mandatory.

“Earlier, employees had to submit requests for corrections, which were verified by employers and forwarded to the EPFO for approval. This joint declaration process caused delays. Now, self-correction for most common errors can be done instantly,” the minister explained. For accounts issued before October 1, 2017, employers can make corrections without needing EPFO’s approval.

The requirement for supporting documents has also been simplified for such cases.

Impact on Grievance Resolution

Nearly 27% of grievances filed with EPFO relate to member profile or KYC issues. The new self-correction feature is expected to significantly reduce such complaints, the minister said.

Simplified PF Account Transfers

The EPFO has also simplified the process for transferring PF accounts when employees change jobs. Previously, such requests required employer verification, which led to a backlog of nearly 2 million claims over the last nine months.

Now, employees with fully KYC-compliant accounts can directly file transfer requests with EPFO using Aadhaar-based OTP verification, eliminating employer intervention.

Modernizing EPFO Services

“The EPFO is implementing various reforms to bring its services on par with banking services,” Mandaviya said. These changes aim to reduce the workload on employers and EPFO while improving efficiency and user satisfaction.

EPFO Savings: A Vital Security

Net EPFO savings provide essential social security for employees, with both employer and employee contributing 12% of the basic salary to the fund. The interest rate for FY24, set at 8.25%, remains a critical metric for the salaried middle class.

The new reforms reflect the EPFO’s commitment to modernizing its systems and enhancing accessibility, ensuring a smoother experience for its subscribers.

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