Centre to launch new EPFO system for faster claim settlements

The government is set to launch EPFO IT System 2.01 in the next quarter, making claim settlements easier for over 6 crore account holders.

The new system promises a better experience for EPFO members and easier management of EPFO tasks for companies.

A centralized system will streamline payments and claim settlements, allowing easier withdrawal of funds.

Union Minister Mansukh Mandaviya announced that the new EPFO system will be operational within three months.

Employees won't need to transfer their UAN when changing jobs, ensuring seamless PF contributions from new employers.

The new system will fully automate the claim process, with centralized pension payments managed monthly.

EPFO has started implementing IT processes, including auto-mode processing of EPF advance claims up to ₹1 lakh.

EPFO, a statutory body since 1952, manages provident fund accounts with a current interest rate of 8.25%.