It is also in the process of implementing a three-day
settlement period for KYC-compliant beneficiaries.
EPFO will launch an e-inspection system that
will simplify the inspection process and ensure organisations with open communications
will not be subject to physical inspection until necessary, according to
Central Provident Fund Commissioner Sunil Barthwal.
EPFO (Employees’ Provident Fund Organisation)
proposed to amend the Act to limit enquiry period to a maximum of two years to
curtail harassment, he said at a Confederation of Indian Industry-organised
interactive session last Friday, a CII release said.
A
small percentage of employees are unable to generate UAN (a 12-digit Universal
Account Number to all employees entitled to EPF) due to the mismatch in data,
Barthwal said, adding to address this issue, the EPFO is looking at alternative
authentication vis-a-vis the employee database.
“The
EPFO is working towards a three-day settlement period for KYC (Know Your
Customer) compliant beneficiaries who have UAN linked to Aadhaar, have a bank
account and a registered mobile number,” the release quoted him as saying.
Barthwal also proposed to set up a society of
self-regulating consultants, similar to ICAI (The Institute of Chartered
Accountants of India), to curb “misuse and corruption.”
“In
a significant announcement for the industry he proposed to decriminalise defaulters
and treat the cases as economic offences,” the release said.
The release quoted
EPFO officers as saying that the process of claim has evolved from offline
filing to digital and app-based platform and the next phase of advancement will
be based on big data analytics platform that utilises artificial intelligence
and machine learning to trigger all activities.Read More here
