1. EPFO Version 3.0 Launch
The Employees' Provident Fund Organisation (EPFO) is set to launch Version 3.0 by mid-2025, enhancing services for over 9 crore beneficiaries. Key features include ATM withdrawals, simplified claim settlements, and account updates via OTP.
2. Simplified Withdrawal Process
The EPFO has streamlined the provident fund withdrawal process, allowing quicker and less cumbersome withdrawals for all members, initially trialed for KYC-updated members.
3. Enhanced Digital Services
Significant improvements in digital services now enable members to check their EPF balance and manage accounts online more efficiently, with real-time access to financial information.
4. Integration with Social Security Schemes
The government is considering integrating various social security schemes to provide comprehensive coverage, including the Atal Pension Yojana and Pradhan Mantri Jeevan Bima Yojana.
5. Improved Grievance Redressal Mechanism
The EPFO has enhanced its grievance redressal system, significantly reducing complaints and ensuring prompt resolution of issues.
6. UAN Services via UMANG App
A circular details the use of the UMANG app for UAN services, including allotment, activation, and face authentication for already activated UANs, streamlining processes through Aadhaar-linked mobile numbers and biometric verification.
7. Amendment in Employees' Deposit-Linked Insurance Scheme, 1976
Effective from April 28, 2024, this amendment revises benefit calculations for deceased employees, setting minimum and maximum assurance benefits at ₹2,50,000 and ₹7,00,000, respectively.
8. Extension of Timeline for UAN Activation and Aadhaar Seeding
The deadline for UAN activation and Aadhaar seeding in bank accounts has been extended, emphasizing the importance of compliance for seamless access to EPFO services.
9. Employer Access to Employment Details
A circular restricts employers to viewing only current employment details of employees, protecting privacy while ensuring EPS membership continuity during onboarding.
10. Removal of Image Upload Requirement
To expedite claim settlements, the requirement to upload images of cheque leaves or attested bank passbooks has been removed, provided the bank account is validated by the concerned bank/NPCI. Employer approval for bank account seeding is also no longer required.
11. Payment of Past Contributions
Guidance on the payment of past contributions via Demand Draft is provided, allowing employers to remit past dues through this method as a one-time payment, with future remittances to continue via internet banking.
