Union Minister of Labour, Employment and Youth Affairs Dr. Mansukh Mandaviya on Friday announced important reforms to make EPFO services more beneficial across the country.
He informed that all EPFO offices will be made modern, technology-enabled, Passport Will be converted into Single-Window Service Center on the lines of Seva Kendra.
The purpose of this change is that now citizens will be able to get the solution to any problem to EPF in any regional office across the country, they will not need to go to any particular office linked earlier. A pilot project of this reform has been started in Delhi, and in future this facility will be implemented across the country.
Mission Mode for inactive accounts
The minister also said that KYC verification will be done in mission mode for the amount stuck in the inactive accounts of the workers. Through this, payment to the right claimant will be ensured without any hassle. For this, a digital platform will be launched, through which workers will be able to file their claims in a simple manner.
global social security protection
Dr. Mandaviya said that in future, Social Security Protection provisions will be included in India’s Free Trade Agreements (FTAs). This means that Indian workers working abroad will be able to keep their PF contribution safe and receive benefits even after returning to India. He mentioned the India-UK FTA as an example of this.
financial position of epfo
The minister said that currently EPFO has a corpus of Rs 28 lakh crore and it provides 8.25 percent annual interest. He said that if the workers’ money is with EPFO, then it is guaranteed by the Government of India.
This initiative will not only simplify the processes to EPF, but will also give workers better control and security over their funds. Experts say that the Single-Window Service Center will provide immediate benefits to lakhs of workers and will also increase the transparency of EPFO.
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