EPFO Announces Good News: Issues with Claim Settlements Will Be Quickly Resolved—Find Out How!
Significant news has arrived from the Employees’ Provident Fund Organization (EPFO). People will no longer face any issues or obstacles with claim settlements. This is because the Ministry of Labour and Employment has developed a new IT system.
Union Labour Minister Mansukh Mandaviya stated that the EPFO will transition to the new IT system within the next three months. Following this, processes such as filing claims and checking balances will become much simpler.
EPFO to Launch New IT System 2.01
The Employees’ Provident Fund Organization (EPFO) is preparing to launch the new IT System 2.01. With the implementation of this new system, members will no longer need to transfer their Member ID when changing jobs, nor will they need to open a new account.
The website will become more user-friendly and accessible. Services such as balance checks, claim settlements, and other PF-related tasks will be handled with increased ease and speed through the EPFO portal.
Current Challenges with the EPFO Portal
Users are facing several difficulties on the EPFO portal. In July of the previous year, some officials from the retirement fund organization wrote to the central government complaining about the outdated and inefficient software system.
This has led to challenges for subscribers. The biggest issue is logging into the portal. Due to slow servers, applying for claims and other updates has become problematic.
What to Expect from the Updates?
In the updated system, claim settlement will be processed automatically. All pensioners will receive their pensions on a fixed date. Checking balances will become more straightforward than before.
There will be no need to transfer the Member ID (MID) when changing jobs. Additionally, issues related to account transfers will be resolved, as PF account holders will have only one account.
