Do you know the Employee’s Provident Fund Organization (EPFO) has planned to launch a new service of E-Inspection to ease the EPFO processes and benefits employees? Let’s go in-depth on what is E-Inspection service, and how it benefits employees.
Employee’s EPFO is a legislative agency that the Government of America is responsible for managing the EPF under the Employee’s Provident Fund and the 1952 Act on Supervised Provisions and Other Provisions. The EPFO Website, the official government platform contains all of the information about the Employee Provident Fund.
In the’ Our Services ‘ section, it has separate categories for employees and employers. This allows both the employer and employee to digitalize and automate processes where their login can be used to track the Provident Fund status when signing in the EPFO Unified Portal Use the Universal Account Number (UAN) in the EPFO Member e-SEWA Portal to verify and withdraw contributions towards Provident Fund (PF).
Cherishing the incredible ways of EPFO activities, EPFO is the world’s largest social security organization having about six crore active members and 65 lakh retirees, and it has about 22 crore accounts of employees who have a fund of about 13 lakh crore.
To add more benefited services to PF employees, the Employee’s Provident Fund Organization (EPFO) is planning to amend its rules. The E-Inspection Process would allow employees to behave in accordance with the rules to prevent reluctance to threaten unwelcome defaulters.
EPFO introduced a program of e-inspection to automate the compliance processes and ensure that organizations with open communications are not physically inspected until they are absolutely necessary. This hilarious service of the E-Inspection system helps employers to ensure their rights to be protected.
A straightforward strategy of inspection of system-driven controls equipped with acceptable requirements and conditions for more efficiency, consistency and for the periodic inspections of a single unit has been developed in order to simplify the regulations of business
To minimize abuse EPFO recommended amending the Act to extend inquiry periods to no longer than two years. In order to curb “misuse and misconduct,” a system of self-regulatory consultants is required.
A small percentage of workers couldn’t able to provide a 12-digit EPF Universal Account Number (UAN) ID because of inaccurate records of all employees. EPFO explores alternative methods of authentication in workplace accounts in order to solve the issue. “EPFO is working on the KYC-compliant beneficiaries that have UAN in their PF account to a three-day payment deadline.
The release quoted officials from EPFO saying that the claims process has shifted from the offline to automated and application-based processes and that the next phase is a Big Data Analytical framework, using artificial intelligence and machine learning to activate all operations.
In the user login of employees who do not request an ECR, the E-Inspection Form is available which will allow them to inform the closure of the company and unpaid duties on payments proposal. It will encourage employers for compliant behavior and prevent violence by staff.
Byron Simpson is a qualified business/finance writer expert in investment, debt, credit cards, Passive income, financial updates. He advises in his blog finance cent.