EPFO: Individuals connected with the Employees Provident Fund Organization (EPFO) are set to experience relief regarding fund withdrawals and various account-related issues. Following directives from the Ministry of Labor and Employment, the EPFO aims to finalize the centralization of its system by the end of this month. Consequently, starting in February, members will no longer encounter difficulties in withdrawing funds from their PF accounts due to name discrepancies or other issues. Furthermore, by May or June, the entire EPFO system is expected to operate similarly to a banking institution.
PF Fund Withdrawal
During a press conference on Thursday, Union Labor and Employment Minister Dr. Mansukh Mandaviya highlighted the current challenges members face when attempting to withdraw funds from their EPF accounts. Common issues include name errors, outdated Aadhaar and bank account information, deposits from previous employers after job changes, and multiple universal account numbers assigned to a single individual. To address these concerns, the EPFO is undertaking a comprehensive update of its systems. Currently, employee records are maintained on a regional office basis.
IT System 2.01
The development of EPFO’s IT System 2.01 is progressing rapidly. This initiative involves centralizing all records, which will facilitate the correction of errors. The completion of this project is anticipated by the end of January, enabling EPFO members to withdraw PF funds in accordance with regulations when necessary. Additionally, the identification and rectification of errors will be expedited. The Minister indicated that within the next six months, EPFO will offer services akin to those of a bank.
Banking-like Services
The EPFO is also advancing its IT System 3.0, primarily aimed at enhancing account holders’ access to funds and improving the grievance resolution process. Upon its completion, the EPFO will begin functioning in a manner similar to that of a banking system.