Are you also an EPFO member? Then todays article is just for you. The goal is to wrap up the Centralized IT-Enabled System (CIETS 2.01) and EPFO 3.0 for the Employees’ Provident Fund Organization (EPFO) by March 31. EPFO officials mentioned that trials will kick off once the IT system is fully operational. By around mid-June, EPFO members should start enjoying banking-like services directly from their EPF accounts.
During the 112th Executive Committee (EC) meeting of the EPF, which is part of the Central Board of Trustees for EPFO, various topics were on the table. They discussed developing a new system under EPFO 3.0 aimed at broadening social security coverage with cutting-edge technology.
You’ll be able to withdraw PF money like you would from a bank. Members will have the option to take out a set amount from their PF accounts when needed, similar to banking practices. Plus, in the future, EPFO members will have access to more online services, including the ability to increase their contributions. The meeting also decided to cut out unnecessary verification processes, making it easier for members to withdraw small amounts through a simplified partial withdrawal process.
There’s a strong focus on reforms, with EPFO pushing for quicker claim settlements, smoother pension disbursements, and improved service delivery for its members, all while speeding up digital transformation and member-focused reforms. The EC also touched on the topic of pensions based on higher wages.
During the meeting, it was mentioned that they’re working on updating pension applications for higher wages to align with the Supreme Court’s ruling from November 4, 2022. They expect to wrap up this update by March 31. In the meantime, the Election Commission highlighted the importance of moving to an Aadhaar-based payment system (ABPS) without delay. They pointed out that pension payments should go straight into bank accounts linked to Aadhaar for better security and efficiency.