EPFO REFORMS
EPFO REFORMS
The following initiatives have been taken to expand registration and improve regional coverage:
Further, from February 2020, auto registration under EPFO is being done for Public and Private Limited Companies and One Person Companies at Ministry of Corporate Affairs registration portal through Spice+ and AGILE-PRO e-forms.
As a result of these interventions, the new establishment registration and number of contributory members have progressed quite significantly.
Year
2019-20
2023-24
New Establishments
*1,17,064
*2,94,910
* It is seen that there is an increase of 251% in the number of new registrations and coverage of establishments from 2019-20 to 2023-24.
Year
2019-20
2023-24
Avg. no. of Contributing Members
#4,89,21,025
#7,37,39,204
# It is seen that there is an increase of 150% in the number of contributing members from 2019-20 to 2023-24.
The Centralized Pension Payment System (CPPS) marks a major shift by establishing a centralized system, enabling pension disbursement through any bank, any branch across India. It ensures disbursement of pension throughout India without any need for transfer of Pension Payment Orders (PPO) from one office to another even when the Pensioner moves from one location to another or changes his bank or branch.
Project EPFO 3.0 is a significant digital transformation initiative by EPFO, aimed at enhancing services to members and establishments by introducing industry standard Core Banking System enabled services. This initiative is designed to streamline processes and reduce paperwork, making it easier for members to manage their social security accounts, faster claims processing and managing all member services from a single unified platform. Claims which clear the checks and validations for risk management are designed to be processed in auto mode without manual intervention, thereby significantly reducing the time taken for manual settlement from up to 20 days to less than three days.
In order to monitor the effectiveness of these new features in reducing member grievances and processing time, EPFO conducts regular meetings to review the qualitative and quantitative aspects of grievance handling and their resolution through Zonal/Field offices, including, inter alia, the analysis of the root cause of the issues so that matter can be taken up for systemic changes.
This information was given by the Minister of State for Labour and Employment Sushri Shobha Karandlaje in written reply to a question in Rajya Sabha today.
- Common registration through Shram Suvidha portal and Auto-registration for new companies incorporated under Companies Act through MCA Portal: As part of Ease of Doing Business, Shram Suvidha Portal, a unified platform, was introduced by Ministry of Labour & Employment, whereby any establishment seeking EPFO registration can register online by furnishing the necessary data and documents.