EPFO KYC update online: You can do EPFO KYC yourself, KYC will be done in just 5 minutes, know the process
EPFO KYC update online: You can do EPFO KYC yourself, KYC will be done in just 5 minutes, know the process.The Employees Provident Fund Organization is starting a self-certification facility for the KYC of its members. This decision of EPFO will help 8 crore active members. This will eliminate the need to get approval from the employer to complete the KYC process.
KYC is a process that links the Universal Account Number of the employee with their KYC description. And helps to verify their identity. At present, to complete the e-KYC process, it is necessary for the employer to approve the description, this facility can be done easily.
Time will not be wasted now (EPFO KYC update online)
This facility helps the members a lot in processing easily. Currently, a lot of time is wasted in getting approval from the employer. Now time will not be wasted through this process. If a company closes down, the member is unable to get approval. The new facility will eliminate all types of paperwork. Also, there will be a reduction in the rate of rejection of claims.
With customer friendly facility
Under EPFO 3.0, it is being launched with customer friendly facility. With which the social security organization can also update its information IT. Its main objective will be that the increased number of new subscribers joining the organization after the execution of three employment-linked incentive schemes will be handled properly.
One of the features of EPFO 3.0 is that it emphasizes scalability. Better infrastructure will help the organization to provide better services to its members. As new members join the social security net. They will get new hope. We hope that the number of active members can reach 10 crores, it will prove very helpful in this.
3.0 will be launched by March
Union Minister Mansukh Mandaviya told Parliament last month that EPFO is working to create a strong platform. Members can withdraw their money without any hassle. He has also said that we are working on creating a prevention system similar to banking process. We can launch EPFO 3.0 by March. Through which we will be able to solve almost all the problems of the members.
What is EPFO 3.0?
Employees Provident Fund Organization (EPFO) is an organization that has announced the launch of 3.0 EPFO to further improve its services. Under this organization, IT will help to improve the process and help employees to access their PF and pension scheme related services in a faster and easier way. And it is also planning to add new facilities.
The main objective of EPFO 3.0 is to ensure that all types of facilities will be available to the employees soon. And they will not have to face any kind of problem, under this, preparations are being made to simplify the IPO KYC process as well.
This is how you will get the benefit of new facilities
Under EPFO 3.0, the organization will improve its IT process. Due to which the problems of the members will be resolved immediately. EPFO officials say that after this change the number of active members will increase further. According to the organization’s estimate, the EPFO member base can increase from 8 crores to 10 crores.
Another important change is being made under EPFO 3.0 in which employees can now withdraw their provident fund amount without any long process. For this, the EFO is partnering with various banks. So that the employees do not face any problem in withdrawing money.
EPFO KYC update online
The Employees Provident Fund Organization is constantly working to provide banking facilities to its members. Under this, it is being considered to allow EPFO members to withdraw money directly from the PF account in an emergency. For this, they will not need to do any kind of documentation process. The limit of withdrawal of money will be fixed.
If sources are to be believed, EPFO officials have held discussions with the Ministry of Labor and Employment, Ministry of Finance, Reserve Bank and other banks in this regard. EPFO will start working on its IT System 3.0 in the last week of January in February.
