The EPFO is developing two apps for pensioners and PF subscribers.
The cumbersome procedure to withdraw provident fund or pension will likely come to an end soon, with the EPFO developing two new softwares (apps) to make the entire process digital.
One of the softwares will be for PF subscribers and the other, for pensioners.
The government is also planning to get all the regional offices on board with its new system, to make sure that PF and pension subscribers no longer have to go to the offices to get details and updates about PF.
Zee Business said that the app will also let you apply for a loan with the EPFO and the entire process will be possible without visiting the regional office.
The EPFO expects to roll out the apps in the next two months.
The new apps, will completely take out old employers from the equation.
Under the current system, to withdraw the PF, it is necessary to fill the form 10 c and Form 19. Your old employer will then verify all the details and send it to the EPFO. The entire procedure takes about 15 days, longer, if any details are amiss.
The EPFO is currently matching the Universal Account Numbers and digital signatures of its subscribers to with the rest of their details to create an online database. A notification has been issued for this. In this, if you want to withdraw your PF, then you can fill the online forms and EPFO will verify it with the digital data and deposit money into your bank account. The middle man, or your employer, will be eliminated.
On the new software, app, information about the company and employee will be made available.
The new apps will also double up as a customer grievance platform. It will be possible to file complaints on the app. It will also give you updates on the actions that are being taken on your complaint only by providing the complaint number.
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