Study OAS ·
EPFO Launches 'Passbook Lite' to Streamline Services
What’s the News?
-
The Employees' Provident Fund Organisation (EPFO) has launched a new feature called 'Passbook Lite' to enhance user experience and expedite service delivery.
-
This feature integrates the EPF passbook directly into the main EPFO member e-Sewa portal, eliminating the need for members to log in to a separate website to view their account details.
-
Members can now access their contributions, withdrawals, and balance information seamlessly within the main portal.
Key Features of 'Passbook Lite'
- Integrated Access: The passbook is now embedded within the member e-Sewa portal, accessible under the 'View' tab. This single-point access simplifies navigation for members.
- Faster Claim Settlement: By integrating data access, the system is expected to reduce the processing time for online claims, as data retrieval for verification will be quicker.
- Enhanced Convenience: The new system removes the hassle of managing and logging into two different portals, providing a more streamlined and user-friendly experience.
- Consolidated View: It offers a real-time, consolidated statement of the member's PF account, ensuring all transaction details are readily available in one place.
Additional Info
- Employees' Provident Fund Organisation (EPFO):
- It is a statutory body established by the Employees’ Provident Funds & Miscellaneous Provisions Act, 1952.
- It functions under the administrative control of the Ministry of Labour & Employment, Government of India.
- EPFO is one of the world's largest social security organisations, managing provident fund, pension, and insurance schemes for the organized sector workforce in India.
- The schemes are administered by a tripartite Central Board of Trustees (CBT), which includes representatives of the government, employers, and employees.
- Key Schemes Managed by EPFO:
- Employees' Provident Fund Scheme (EPF), 1952: A mandatory retirement savings scheme.
- Employees' Pension Scheme (EPS), 1995: Provides for a pension upon retirement, superannuation, or disablement.
- Employees' Deposit Linked Insurance Scheme (EDLI), 1976: Offers life insurance benefits to the nominee in case of the member's death.
- Universal Account Number (UAN):
- A 12-digit unique number allotted by EPFO to each member.
- It acts as an umbrella for the multiple Member IDs (PF accounts) assigned to an individual by different employers.
- The UAN is portable and remains the same throughout an employee's career, simplifying the process of PF account transfers and withdrawals.