Good news for EPFO members: Know about major service updates here

The Employees' Provident Fund Organisation (EPFO) has introduced significant changes to simplify key processes for approximately 70 million subscribers. These changes aim to reduce time-consuming approvals and minimize human intervention, making it easier for subscribers to access their retirement savings. According to Union Labour Minister Mansukh Mandaviya, these updates will bring about a more efficient and streamlined experience for EPFO subscribers.

The EPFO portal now allows employees to correct errors in their personal details on their own. They can fix mistakes in their name, date of birth, gender, nationality, and other information without needing their employer's verification or EPFO's approval. 

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

EPF members who have linked their Universal Account Number (UAN) with their Aadhaar number can now file transfer claims online easily. They'll receive a one-time password (OTP) on their registered mobile number, and that's all they need to submit their claim - no employer approval is required. This new process aims to reduce grievances related to member profiles and Know Your Customer (KYC) issues, which currently make up around 27% of complaints received by the EPFO.

The Minister addressed the issue of delayed PF account transfers when changing jobs, stating that currently, employers must verify transfer requests before submitting them to the EPFO, which takes around 12-13 days. With the new reform, EPF account holders with fully compliant e-KYC accounts can now file online transfer claims 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 when recording personal details like father/spouse name, marital status, nationality, and service information. To fix these errors, employees had to submit online requests with supporting documents. However, now employees can correct these mistakes on their own.

EPFO is undergoing a major overhaul with its system updating process, EPFO 2.0. According to the Minister, once EPFO 3.0 is implemented, the EPFO's system will be equivalent to the banking system, offering enhanced services and benefits to its members.