In a move to improve the subscribers’ convenience, the Employees’ Provident Fund Organisation (EPFO), the retirement fund body of India has consistently been undertaking several digital initiatives.
The primary objective of the retirement body is to become a paperless organisation with time. Also, the organisation is focussed on promoting the ease of doing business for employers.
In the same line, EPFO had earlier introduced the facility to generate Universal Account Number (UAN) online for workers (subscribers) along with an e-inspection system to improve the ease of doing business for employers in 2020.
For the year 2020, EPFO has reportedly set its sight on two significant initiatives, i.e., improve the ease of living for subscribers and promote the ease of undertaking business for employers.
With the introduction of the online UAN generation platform, the organisation makes sure that all eligible workers with valid KYC documents are given the benefits they deserve.
In the same line, with the introduction of an e-inspection system, EPFO plans on discarding the physical documentation procedures for employers.
At present, pensioners are required to carry a physical document of the Employee Pension Scheme (EPS) Pensioners’ pension payment order (PPO). With the e-inspection system, pensioners will be able to complete the authentication process by showing the digital form of the PPO on the phone with the DigiLocker application or website.
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Abbreviation is the name of the game – SIP, NPS, ELSS, KTM, and OMR.
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