New Delhi: The EPFO is all prepared for improvement of its organisational structures, with a view to reducing the difficulties being faced by the subscribers in getting access to their own stake earned by their hard labour. Under this project, EPFO has also recently planned a new software module in a large-scale project called CITES 2.01. With the new platform the process of accounting of amount and very importantly the process of claim settlement will become fast and less complicated through utilisation of Universal Account Number (UAN) of members.
The following technological reform is much-awaited: ‘one member one account’, which means subscribers will not have to manage multiple provident fund accounts and face a issue of migrating towards another company again. The new system is expected to considerably transform the plight of user, who do experience bad responds and rejections in cases of their PF withdrawals.
EPFO’s CITES 2.01 objective is primarily centred on the upgrading of organisation’s both hardware and software facilities. New OS integration means that EPFO’s claim settlement will commence with little or no technical issues and will be more efficient. The modifications to the software will let for the binding of all accounting activities with particular UANs. This will do away with instances where there were many UANs which complicate the means through which subscribers are able to access claims and have their claims processed.
The One Member, One Account upgrade will be made after the process is complete, in which subscribers will be able to carry on under a much easier and quicker method,” an EPFO official said.
EPFO provides a Universal Account Number (UAN) for every subscriber, which is a special identity number for PF subscriber’s account. In a regular basis, it discourages people from following practise of applying for new UANs when switching jobs – a mistake that renders the process of claiming PF too complicated.
Customers who, for one reason or another, find themselves in a position with two or more UAN numbers are forced to consolidate these numbers. When they fail to end this process, they find it hard to file their claims and sometimes the claims end up being rejected or taken a long time to process. In fact, EPFO issued a public notice through its social media account recently which compelled the employees saying that it is compulsory for them to have only one UAN for the whole career and refrain from creating multiple numbers when they switch over to a new organisation.
Organisational benefits likely to be realised by the subscribers after the upgrade include the following.
The CITES 2.01 project is expected to bring the following benefits:
Faster Claim Settlements: Centralization of these activities will provide a high, positive impact on claim time processing.
Error Reduction: This way linking the accounts to a single UAN will make the records accurate in consistency.
Subscriber-Friendly Mechanism: Some of the goals include break down of the systems to minimise reliance on the manual methods which tend to be less friendly to users.
Hassle-Free Transfers and Withdrawals: They lastly announced that the “One Member, One Account” system would totally do away with the necessity of doing account integration.
But as more and more complain about delay and inefficiency of this current system, plans of modernisation of EPFO are a ray of hope to millions of its subscribers. It is also expected that a new software upgrade is set to be rolled out soon that is expected to revolutionalise the handling of claims.
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