It was dark under the lamp for so long. Until now, it was necessary to apply online to get your deposit money. Those days are coming to an end. Now the PF money will directly enter your account with one click. Courtesy, Employees Provident Fund Organization (EPFO) new technology ‘CITES 2.0’ (CITES 2.0).
A radical change in the digital revolution
So far, PF withdrawals have been very difficult. Starting from online form filling and going through several steps, the money was available only then. In many cases, there was a fear of the application not being approved. But the central government has now decided to completely modernize this system under the Digital India project. The Unified Payment Interface or UPI system is now being linked directly to PF accounts. As a result, the speed of withdrawing the deposited money will be several steps easier.
75 percent of the money is in hand
Under this new system, customers can withdraw up to 75 percent of their total accumulated PF balance instantly through UPI. The remaining 25 percent will be accumulated as retirement savings. The company will pay regular interest on this deposit as before. Basically, this initiative is to eliminate the problem that was created during the change of job or with the withdrawal of money for urgent needs.
Own mobile app is coming
Till now PF work was done through ‘UMANG’ app. This time EPFO is going to bring its own unique mobile app. This app will be directly linked to BHIM or other UPI platforms. As a result, there will be no hassle of filling long forms separately.
Sights 2.0 technology is divided into six parts to make the whole process smoother. These include member accounts, employer information provision, claims settlement, pensions, finance and grievance redressal. It is reported that the work of five modules is almost completed. The final stage of testing is underway.
According to technologists, if this system is implemented, the scope of corruption in the PF office will be reduced. Common people will get their savings account transparently at home. The Center has taken this major step to make government services more people-oriented. The country has taken another step towards One Nation, One Payment system.
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