EPFO: Union Labor and Employment Minister Mansukh Mandaviya announced major changes to the functioning of the Employees’ Provident Fund Organization (EPFO). All EPFO offices across the country will be transformed into single-window service centers, similar to passport service centers.
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EPFO: If you are employed and deposit money into your Employees’ Provident Fund (EPF) account for your future, this news is extremely important for you. The central government is preparing to make the EPFO’s operations completely citizen-centric, digital, and simple. 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,” similar to passport service centers.
The direct benefit of this will be that PF account holders will now be able to visit any EPFO office in the country for any account-related issue. Currently, EPFO members had to visit the regional office where their PF account was registered for PF related work. This rule will end once the new system is implemented.
Pilot project begins in Delhi, office restrictions will end
During the inauguration of the EPFO’s new ‘Provident Fund Building’ in Vatva, Gujarat, Minister Mandaviya stated that trials of this new system have begun in Delhi. Previously, employees had to visit the regional office with which their organization was affiliated to file complaints or claims. Now, with the help of modern technology, it is being made fully digital and connected, so that people in any city can visit the nearest EPFO office and get their work done.
KYC for deactivated accounts will be conducted soon.
The funds of millions of PF account holders across the country are locked in these 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 ensure safe and secure refunds.
PF funds won’t be lost even after returning from abroad.
India is now incorporating social security clauses into its free trade agreements (FTAs). Mandaviya explained that, like the India-UK agreement, deals with other countries will also include a provision that if an Indian employee returns from work abroad, his PF contributions will not be wasted. He will be able to access his deposits and other benefits upon returning to India.
Target to provide social security to 1 billion people by 2026
Mandaviya cited statistics to show that before 2014, only 19 percent of India’s population received social security coverage, which has now increased to 64 percent. He said, “Today, 940 million people in the country are covered by some form of social security. India is the second largest country in the world after China. Our goal is to cover 1 billion citizens by March 2026.”
