EPFO To Launch E-Inspection System, Minimise UAN Mismatch Issues
EPFO is working towards a three-day settlement period for KYC-compliant members.
The Employees Provident Fund Organisation will launch an e-inspection system to simplify the inspection process and ensure that organisations are not subject to physical inspection until absolutely necessary.
EPFO also proposes to amend the Employees' Provident Funds and Miscellaneous Provisions Act, 1952, to limit the enquiry period to a maximum of two years in order to curtail harassment, said Central Provident Fund Commissioner Sunil Barthwal at a CII event in New Delhi on Friday.
A small percentage of employees are unable to generate a Universal Account Number, a 12-digit ID allotted to all employees entitled, to EPF due to mismatch in data. To address this issue, EPFO is looking at alternative authentication methods vis-a-vis the employee database, said Barthwal. "EPFO is working towards a three-day settlement period for KYC-compliant beneficiaries who have UAN linked to Aadhaar, have a bank account and a registered mobile number.”
Barthwal also proposed to set up a society of self-regulating consultants, similar to Institute of Chartered Accountants of India, in order to curb "misuse and corruption". "In a significant announcement for industry, he proposed to decriminalise defaulters and treat the cases as economic offences," a CII release said.
The release quoted EPFO officers as saying that the process of claim has evolved from offline filing to digital and app-based platform. The next phase of advancement will be based on big data analytical platform that will utilise artificial intelligence and machine learning to trigger all activities.