Very good news is waiting for crores of members of the Employees’ Provident Fund Organization (EPFO). EPFO members can now handle fund transfers and make corrections from the comfort of their homes after changing jobs, eliminating the need to visit offices. With just one OTP, these tasks can be completed online, which will also ease the congestion at EPFO offices where long lines are common. Many people typically visit for fund transfers or to update details like their name, father’s name, or date of birth. This initiative by the Labor Ministry is truly praiseworthy.
You can update your personal details on your own
Under the new regulations, EPFO members can now easily correct their personal information, such as their name. This update was shared by the Union Minister on Saturday. The government has introduced reforms in EPFO, allowing members to make these changes independently through the EPFO digital platform.
Previously, 10 crore members faced lengthy procedures
In the past, members had to navigate a cumbersome process to update their information. Union Minister of Labor and Employment, Mansukh Mandaviya, stated that with over 10 crore beneficiaries, any changes required a lengthy procedure. However, with the new reforms in place, members can now effortlessly update their information without needing assistance from others.
EPFO has received around 800,000 complaints regarding changes in names and other details. The organization is set to address these issues promptly. Additionally, the Union Minister mentioned that the government has introduced reforms to make the EPFO account transfer process easier. Members can now transfer their EPFO accounts between organizations using an OTP, streamlining what was previously a lengthy procedure.
In another update, EPFO has successfully launched the Centralized Pension Payments System (CPPS) in all its regional offices nationwide. This new system will benefit over 6.8 million pensioners, allowing them to withdraw their pensions from any bank. Furthermore, beneficiaries will no longer need to visit the bank for verification when starting their pensions, providing significant convenience for those who return to their hometowns after retirement.