EPFO: This is important news for PF account holders. The central government is going to make the functioning of EPFO completely citizen-centric, digital and easy. Union Labor and Employment Minister Mansukh Mandaviya said in a statement that all EPFO offices across the country will now be converted into ‘single-window service centers’ on the lines of passport service centers. The direct benefit of this will be that PF account holders will now be able to go to any EPFO office in the country for any problem related to their account and get it resolved.
Until now, EPFO members had to visit the regional office where their PF account was registered for any PF related work. This requirement will be eliminated once the new system is implemented. During the inauguration of the new “Provident Fund Building” in Vatva, Ahmedabad, the minister stated that a pilot project for this new system has already begun in Delhi. Using modern technology, the EPFO system is being fully digitalized and interconnected, so that employees in any city can easily visit the nearest EPFO office and complete their work.
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EPF facility providers will help you
The government will also soon introduce a new system of “EPF Suvidha Providers.” These will be authorized facilitators who will assist PF account holders who have difficulty understanding digital processes or who are connecting to the PF system for the first time. These facilitators will act as a bridge between the public and the EPFO and will also assist in claim settlement.
KYC will be done soon for de-activated accounts
The money of millions of PF account holders across the country is locked in these inoperative, or deactivated, EPF accounts that have been lying dormant for years. The minister stated that the EPFO will now conduct KYC verification for these accounts in a “mission mode.” A dedicated digital platform will be launched to identify PF account holders or their heirs and securely return the outstanding amount.
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The government is now incorporating social security provisions into its free trade agreements (FTAs). According to the minister, future international agreements, like the India-UK agreement, will also include a provision that if an Indian employee returns from a foreign job, their PF deposits will not be lost. Upon returning to India, they will be able to access their deposits and other benefits.
What will change for you?
Office Access: Earlier, one had to visit only the home branch, now work can be done at any EPFO office in the country.
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Source of help: Earlier, depending on self or intermediaries, now authorized EPF facility providers will provide help
Foreign Job: Earlier, PF deducted abroad used to get stuck, now you will get the money on returning to India
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Old accounts: Previously, lack of KYC resulted in money getting stuck, now digital platforms allow faster KYC and claim settlement.
Assuring the EPFO of its financial strength, the minister stated that the organization currently has a fund corpus of Rs 28 lakh crore and is paying an annual interest rate of 8.25%. He clarified that deposits in the EPFO are completely safe, as they are backed by a guarantee from the Government of India.
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Citing statistics, the minister said that before 2014, only 19% of the country’s population was covered by social security, which has now increased to 64%. Today, approximately 940 million people are covered by some form of social security. The goal is to cover 1 billion citizens by March 2026.