look news india
Good news for 7 crore PF account holders. Soon the claims of Employees Provident Fund Organization (EPFO) can be settled directly through ATM. Secretary, Ministry of Labor and Employment, Sumitra Davre said that EPFO is working on modernizing its IT system. This can make the process easier and faster.
He said that we are improving the IT structure of the PM system. There have been many improvements in the past. Claim settlement has been expedited and unnecessary processes have been eliminated due to auto settlement.
IT 2.1 version will come in January 2025
According to Sumitra Davra, the aim of EPFO’s IT infrastructure is to bring it at par with the banking system. EPFO’s new version IT 2.1 will be launched by January 2025. He said that under this new system, PF claimants, beneficiaries or insured persons will be able to withdraw their money directly through ATM. There will be minimal human intervention in this process, which will save time and increase transparency.
what is special?
Fast claim settlement facility
Currently, settlement of PF claims takes time, but this new system will make it automated and faster.
The way the banking system
Transactions have been made easy, similarly PF withdrawal will also become easy and accessible.
The new changes will reduce the number of interventions by people and
Cases of fraud and tampering will also reduce.
Vision of EPFO
The Secretary also said that this is just the beginning. In future, the IT system of EPFO will be improved so that PF account holders can get every facility on their mobile or nearest ATM.