“Over the next few months, implementation of the EPFO 2.01 project will ease the processes and turnaround time for various member and employer transactions,” one of the sources said.
Labour and employment minister Mansukh Mandaviya on Wednesday reviewed the IT system modernisation initiatives, following which he said the new system will be up and running in three months, sources said.
As part of the revamp, the retirement fund body will come up with a re-engineered and rationalised centralised payments and claims settlement. “This will result in centralised claim settlement including end-to-end auto processing of claims, centralised monthly pension disbursements, Universal Account Number-based EPF accounting, restructured electronic challan-cum-receipt with due statement and remittance challan, and doing away with the requirements of transfer of member ID (MIDs) on change of jobs,” the person quoted above said.
In 2024-25, EPFO has introduced simplified IT processes – auto-mode processing of all types of EPF advance claims up to Rs 1 lakh.
