EPFO has decided to go digital for the convenience of its lakhs of subscribers and pensioners.
Adoption of technology is helping organisations ease their operations and provide greater customer value. EPF India has come up with a mobile app, ‘m-EPF’, which eliminates the need to visit the EPF office to get any information/details. Now, the employees who have an account with the EPFO (Employees’ Provident Fund Organisation) can check and monitor their EPF accounts through their mobiles, using their Unique Account Number (UAN).
Employees can use this mobile app to view their monthly credits through the passbook, and also their details available with the EPFO. The EPF pensioners can even check the pension disbursement details using this app.
The employers too can use this app to check details of their remittances.
Given its usefulness and the convenience it provides to employees and employers, it is now surprising that the app shows over a million downloads, as per the Google Chrome Store.
EPFO has around 4.5 lakh subscribers and around 54 lakh pensioners. Considering the bulk of its monthly operations, it has decided to go digital. Employees and pensioners will now get their payments through the electronic or digital fund transfer system only, to ensure that funds get transferred quickly and the tracking and reconciliation become easy.
Meant for providing social-security benefits to both private and public-sector employees, the EPFO has now relaxed many of its policies. Now, the employees can make partial withdrawals from the provident fund for medical and other purposes, such as purchase of house, education and marriage of children. The EPFO subscribers do not require to submit various certificates or documents for the same.
Employees who contribute to the EPFO for more than 20 years are entitled for a loyalty-cum-life benefit of up to Rs 50000 at the time of retirement. Also, there is a housing scheme for the subscribers where they can make down payment and pay EMIs for a house from their EPF account.