Kolkata: The current calendar year of 2025 is going to be a landmark year in the transformative journey of the EPFO (Employees’ Provident Fund Organisation) into a technology-savvy organisation which can offer almost all its services to its subscribers at a few clicks of the button. It social welfare body for formal sector employees of the country has already introduced several reforms this year to simplify and digitise the process. Let’s have a look at the basic changes it has done to its services this year.
EPF transfer for those switching jobs
This is an area that earlier required the approval of the employer. This layer has been done away with this year. Transferring the EPF (Employee’s Provident Fund) when one is changing jobs is now no longer needed to transfer the EPF. The change came into effect in the very first month of the year — from January 15.
Pension payment system centralised
On the very first day of this year, EPFO implemented the Centralised Pension Payment System. It allows any EPFO pensioner to access his/her pension from any bank in the country. At one stroke, this measure, successfully streamlined the process by removing the tedious physical verification. It also reduced the necessity for transfer of Pension Payment Orders. According to the earlier practice, Pension Payment Orders were shifted from one regional office to another for payment of pension. The Pension Payment Orders are now mandatorily linked to the former employee’s UAN (Universal Account Number).
Joint declaration process digitised
From January 16, EPFO has digitised the joint declaration process. It can be done online by linking the Universal Account Number to Aadhaar. But if an employee’s UAN is not linked to Aadhaar, it is necessary that he/she submits the joint declaration physically.
Updation of profile
An EPFO member might need to update his/her profile since it contains information about one’s marital status, name of spouse, name of child/children etc. The rules sstate that a joint declaration is necessary for employees to carry out changes to profile details (after verification by the employer). After the digitisation process, the joint declaration helps with updating profile details online with the employee not having to furnish additional documents.
The once-fuddy duddy EPFO (Employees’ Provident Fund Organisation) is fast undergoing a transition into a smart, technology-savvy organisation that can provide service at the click of a button to subscribers. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
