Centre to launch new EPFO system for faster claim settlements

English business Aug 23 2024 Author: Vinaykumar Patil Image Credits:Social media

New EPFO system

English 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

English 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

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

Launch within 3 months

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

No more UAN transfers needed

English 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

English 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

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

Understanding EPFO

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

Bengaluru GOLD rate today, Aug 23: Check latest price of 10gm gold Petrol, diesel NEW prices announced for Aug 23: Check city-wise rates Kolkata GOLD rate today, August 23: Price of 22k FALLS this much 6 key features of tax-saving in Mutual Funds