EPFO News: People associated with the Employees’ Provident Fund Organization are going to get relief from fund withdrawal and other account related problems. By May-June, the entire system of EPFO will start working like banking.
EPFO News: People associated with the Employees’ Provident Fund Organization (EPFO) are going to get relief from fund withdrawal and other account related problems. On the instructions of the Ministry of Labor and Employment, EPFO will complete the work of centralizing its system by the end of this month. After this, from February onwards, there will be no problem in withdrawing money from the PF account due to mistake in name or any other reason. On the other hand, by May-June, the entire system of EPFO will start working like banking.
Problems in withdrawing from the account
While talking to journalists on Thursday, Union Minister of Labor and Employment Dr. Mansukh Mandaviya said that at present, members face many problems while withdrawing funds from the EPF account. There is a problem in withdrawal in case of many errors like mistake in name, Aadhaar and bank account number not being updated, old company’s deposit amount not being transferred to the new PF account on leaving the job and two or more universal account numbers in the name of one person. Keeping these problems in mind, all the systems of EPFO are being updated. Till now the record of employees is kept regional office wise by EPFO.
Work is going on fast on IT System 2.01
Work is going on fast on EPFO’s IT System 2.01. Under this, all the records are being centralized, which will help in correcting the errors. The work of 2.01 will be completed by the end of January, after which the members associated with EPFO will have ease in withdrawing PF under the rules whenever needed. It will not take much time to catch the errors and correct them. He said that in the next six months, EPFO will provide bank-like service to its members.
Banking-like facility by the end of June
EPFO is also working on its IT System 3.0, the main objective of which is to make it easier for the account holders to access the funds and strengthen the grievance redressal mechanism. After its completion, EPFO will start working on the lines of the banking system.
If required in an emergency, members will be able to withdraw a fixed amount. The work of 3.0 will be completed between May and June. Through this, EPFO will also provide banking like services to the members through the app.
Increase in employment, decline in unemployment rate
The minister also presented employment related figures to the media. He said that compared to the UPA government, employment opportunities have increased during the tenure of the current government while the unemployment rate has declined. He also cited a report of the Reserve Bank of India that employment opportunities have increased in agriculture, manufacturing and service sectors during the tenure of the current government.
Between 2014-24, 17.19 crore additional jobs have been created across the country. Out of this, 4.6 crore people have got jobs across the country within the financial year 2023-24 itself. The employment rate of youth was 31.4 percent in 2017-18, which has increased to 41.7 percent in 2023-24. On the other hand, the unemployment rate has come down from 17.8 percent to 10.2 percent during this period. He said that if we look at the EPFO data, then in the last seven years, 4.7 crore youth between the ages of 18 and 28 have got jobs across the country.
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