In a significant move aimed at streamlining EPFO processes and enhancing member convenience, Union Minister for Labour & Employment and Youth Affairs & Sports, Dr. Mansukh Mandaviya, inaugurated the ‘Online Facility for Surrender of Exemption from EPF Scheme’ in New Delhi.
This cutting-edge online module, part of the EPFO Central IT System 2.01, promises to revolutionize the way exemptions are handled. Let’s delve into the details.
The New Online Facility: Simplifying EPF Scheme Exemption Surrender
First of Its Kind: Dr. Mandaviya emphasized that this online facility represents the first of six modules under the EPFO Central IT System 2.01. Its implementation is a forward-looking step that aims to enhance efficiency and reduce administrative burden.
Benefits for Members and Establishments: The new system offers several advantages:
Efficient Application Submission: Members can now submit exemption surrender applications online, eliminating the need for physical paperwork.
Validation and Tracking: The system validates applications and allows establishments to track their progress using unique tracking IDs.
Transfer of Accumulations: Approximately 1 lakh members across 70 establishments stand to benefit. They will benefit from seamless transfer of accumulations (amounting to nearly Rs 1000 crores) when their surrenders are approved.
EPF Broader Initiatives
Addressing Present Challenges: Dr. Mandaviya acknowledged that EPFO has proactively addressed current issues. These initiatives are just the beginning; more are planned for the near future.
Also Watch: How Gen AI Transforms L&D with Predictive Analytics, Click Here
He said, “This facility will reduce the time and effort while providing facilities such as online submission of applications, validation of applications, and transfer of past accumulations of the member.”
The Union Minister further added, “It will replace the earlier system of physical submission with voluminous documents and allow the establishment to track its application with a tracking ID.”
“This facility will benefit atleast 1 lakh members of 70 establishments to transfer the accumulations of almost Rs 1000 crores, as and when their surrenders are admitted.”, Union Minister added.
Simplification and Timely Delivery: The Union Minister stressed the importance of simplifying processes for member ease. He also mentioned ensuring the timely delivery of new IT systems within the current calendar year.
Also Watch: Q1 Results | The Future of IT Jobs in India for FY25, Click Here
Reviewing IT Interventions and Future Adaptation
EPFO Central IT System 2.01: Dr. Mandaviya reviewed the readiness of facilities for implementing ELI (Employment Linked Incentive) schemes announced in the Union Budget.
Integrated Grievance Management System: He also assessed plans for the new Integrated Grievance Management System.
Embracing New Technologies: The Union Minister directed efforts toward adapting newer technologies, including Artificial Intelligence, within EPFO’s IT system.
Increasing Confidence in EPF Service and Benefit Delivery
Over the past two years, 27 companies have surrendered their exemptions. This contributed ₹1688.82 crores and added 30,000 employees to the provident fund under EPFO.
This trend reflects growing confidence among stakeholders in EPFO’s service quality and benefit delivery.
Note: We are also on WhatsApp, LinkedIn, Google News, and YouTube, to get the latest news updates, Subscribe to our Channels. WhatsApp– Click Here, Google News– Click Here, YouTube – Click Here, and LinkedIn– Click Here.
