There’s good news for those in private jobs. You no longer have to visit EPFO offices. The organization is now preparing to utilize new technologies like artificial intelligence (AI), blockchain, and machine learning (ML). This will benefit millions of subscribers.
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New Delhi: There’s good news for the millions of subscribers of the Employees’ Provident Fund Organization (EPFO). The EPFO is about to provide significant relief to its members. The organization is preparing to use new technologies like Artificial Intelligence (AI), Blockchain, and Machine Learning (ML) to overcome the difficulties faced in verifying old service records when filing advance or final claims. This will enable verification of member records.
An official said, “People who joined the EPFO before the UAN system was introduced often face difficulties verifying their old service records. This can be due to various reasons, such as the company closing down or lack of proper documentation. To address this issue, the plan is to use new technologies and build models that can help draw conclusions about claims and member authenticity.”
What will be the benefit?
The use of these advanced technologies will help members who are unable to merge their multiple member accounts with the Universal Account Number (UAN) due to their work locations, which is often caused by discrepancies in records. Furthermore, these technologies will also be beneficial for members who wish to claim inoperative accounts.
Introduced in 2014, the 12-digit UAN is a unique identification number. It serves as an umbrella for all member IDs issued by different employers. This allows members to manage all their provident fund contributions throughout their career under a single number. This makes it easier to track, transfer, and access PF online. It also makes it easier for new members to port their accounts because it is linked to the UAN.
PF Contribution
According to the latest government data, by March 2024, 203 million UANs had been allotted, with over 300 million member accounts. Of these, 73 million UANs are actively contributing to retirement fund bodies. 12% of the basic salary of private sector workers goes into their PF account. Similarly, of the 12% employer’s share, 3.67% goes into the pension fund and 8.33% goes into the employee’s PF account.
