EPFO Claim Update 2024: There is important news for the account holders and employees of the Employees Provident Fund Organization. The Union Ministry of Labor and Employment is bringing a new IT system, after which the entire process from logging on the portal to claiming and settlement will become easier than before. Let us tell you that through the EPFO ​​website, you can complete the work of balance check, claim settlement, nominee and other things.
Union Labor Minister Mansukh Mandaviya said that within the next three months, the transfer will be done on the new Information Technology (IT) system, which will make things like making claims and checking balance easier. With the new system, there will be no need to transfer the member ID (MID) when changing jobs. There will also be no need to open a new account. EPFO ​​members complained that once the portal is not logged in, and if it is logged in, it asks for KYC update again, even though this has been done many times before. One has to wait for a long time for the same claim.
This way you will get benefit
- In the updated system, claim settlement facility will be done on auto processing mode.
- It will be easy to claim and check balance
- All pensioners will receive pension on a fixed date only.
- The facility of checking UAN based EPFO ​​balance will become easier than before.
- There will be no need to transfer MID when changing jobs.
- There will also be relief in transferring money from one institution to another.
- In the new system, distribution of pension will be centralized and will be done on monthly basis.
- The EPF accounting system will be based on the Universal Account Number (UAN). This will make the process easier for members.
- Electronic Challan-cum-Receipt will be re-generated.
Key features of the new system
- Auto processing mode:Â Withdrawal of funds from the account and settlement of claims will be done on auto processing mode, which will simplify the process.
- Improvement in pension payment:Â All pensioners will get their pension released on a fixed date.
- UAN Servile: EPFO ​​balance check and passbook extraction will be easy using Universal Account Number.
- Centralised System:Â The restructured Electronic Challan cum Receipt (ECR) and claims settlement will happen under a centralised system, bringing uniformity across the system.
