Centre to launch new EPFO system for faster claim settlements

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New EPFO system

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. Image credits: Shutterstock

Overhaul to benefit 6 crore account holders

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

Centralised system for payment, claims

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

Launch within 3 months

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

No more UAN transfers needed

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

Automated claims process

The new system will fully automate the claim process, with centralized pension payments managed monthly. Image credits: Social media

EPFO's easy IT process for 2024-25

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

Understanding EPFO

EPFO, a statutory body since 1952, manages provident fund accounts with a current interest rate of 8.25%. Image credits: social media Find Next One