EPFO To Migrate To New IT System In Three Months: Labour Minister Mansukh Mandaviya

EPFO's New IT System: The EPFO's current IT system has been a point of contention, with officers highlighting its outdated and unreliable software in a letter to the central government last July

EPFO's New IT System: The upgraded platform is designed to streamline processes for both members and employers, with a strong focus on improving the ease of living and compliance, says Mansukh Mandaviya.

Source : PTI

EPFO's New IT System: The Employees Provident Fund Organisation (EPFO) is set to overhaul its information technology (IT) infrastructure within the next three months, according to Union Labour Minister Mansukh Mandaviya. This announcement came as part of the government’s efforts to modernise the retirement fund body’s systems, addressing long-standing issues faced by subscribers.

The EPFO's current IT system has been a point of contention, with officers highlighting its outdated and unreliable software in a letter to the central government last July. Many subscribers have also reported difficulties navigating the existing platform, prompting calls for urgent reform.

Mandaviya’s assurance came during a review of the EPFO’s modernisation initiatives. The review is part of a broader series of government-led meetings focused on ensuring a seamless and timely transition to the new IT system, known as EPFO IT System 2.01.

The upgraded platform is designed to streamline processes for both members and employers, with a strong focus on improving the ease of living and compliance. Among the key features of the new system are centralised claim settlements, automated processing of claims, centralised monthly pension disbursements, and the restructuring of electronic challans.

As part of the government’s mission to implement the EPFO 2.01 Project, officials are working to expedite transaction processes for members and employers. In fiscal year 2024-25, EPFO has already introduced simplified IT processes, with auto-mode processing of EPF advance claims up to Rs 100,000. This has led to approximately 40 per cent of such claims being processed automatically.

With the new system, the government aims to ensure a smoother experience for EPFO members and a more efficient system for employers across the country.

EPFO adds 19.29 lakh net members in June

The retirement fund body registered a net addition of 19.29 lakh members in June 2024, the Labour Ministry announced on Tuesday. A year-on-year analysis showed a 7.86 per cent growth in net member additions compared to June 2023.

This increase in membership is attributed to various factors, including enhanced employment opportunities, greater awareness of employee benefits, and the success of EPFO's outreach initiatives, the ministry stated.

The data reveals that approximately 10.25 lakh new members were enrolled in June 2024, marking a 4.08 per cent increase from May 2024 and a 1.05 per cent rise from June 2023.

A significant trend in the data is the dominance of the 18-25 age group, which accounted for 59.14 per cent of the new members added in June 2024.