Good news for EPFO ​​members! These changes have been made, which will directly benefit you.

The Employees' Provident Fund Organisation (EPFO) has made significant changes to simplify important processes for about 70 million subscribers. These changes are aimed at reducing time-consuming approvals and reducing human intervention, making it easier for customers to access their retirement savings. According to Union Labor Minister Mansukh Mandaviya, these updates will bring a more efficient and streamlined experience for EPFO ​​​​customers.

The EPFO ​​​​portal now allows employees to self-correct errors in their personal details. They can correct mistakes in their name, date of birth, gender, nationality, and other information without requiring verification from their employer or approval from the EPFO.

Aadhaar-verified account holders can now make changes to their accounts without requiring approval from their company's HR department, according to the minister.

EPF members who have linked their Universal Account Number (UAN) to their Aadhaar number can now easily file transfer claims online. They will receive a one-time password (OTP) on their registered mobile number, and that is all they need to do to file their claim – no employer approval is required.

This new process aims to reduce complaints related to member profiles and KYC issues, which currently account for about 27% of the complaints received by the EPFO. Addressing the issue of delay in PF account transfer on change of job, the minister said that currently, employers have to verify transfer requests before submitting them to the EPFO, which takes about 12-13 days. With the new reform, EPF account holders with fully compliant e-KYC accounts can now file transfer claims online directly with the EPFO ​​using their Aadhaar OTP, eliminating the need for employer intervention.

Many employees faced problems due to mistakes made by their employers while entering personal details like father/spouse name, marital status, nationality and service related information. According to the minister, once EPFO ​​3.0 is implemented, the system of EPFO ​​will be at par with the banking system, providing better services and benefits to its members.

Disclaimer: This Content Has Been Sourced And Edited From Dnaindia.