In a significant move, the Employees Provident Fund Organisation (EPFO) is gearing up to implement cutting-edge technologies. This initiative aims to assist millions of members who struggle with validating their past service records when filing advance or final settlement claims.
Addressing Pre-UAN Era Challenges
Many individuals who joined EPFO before the Universal Account Number (UAN) system was introduced often encounter hurdles. These difficulties arise from establishments shutting down or incomplete paperwork. An official explained that new-age tech will help build models to assess the authenticity of claims and member records effectively.
Technological Solutions for Member Benefits
The deployment of artificial intelligence, blockchain, and machine learning will provide substantial relief. It will aid members who cannot merge multiple accounts under one UAN due to career changes or damaged records. Additionally, these technologies will streamline the process for claiming inoperative accounts.
Simplifying the UAN System
Introduced in 2014, the 12-digit UAN serves as a central identifier. It consolidates all member IDs from various employers, allowing individuals to manage their provident fund contributions under a single number. This system simplifies tracking, transfers, and online access to PF accounts. For new members, it facilitates easier account portability as it links directly to the UAN.
Current Statistics and Future Goals
Recent government data reveals that 20.3 crore UANs had been allocated by March 2024. There are over 30 crore member accounts in total. Among these, 7.3 crore UANs are actively contributing to the retirement fund. The official emphasized that inoperative accounts remain a top priority. Efforts continue to issue UANs to all EPFO members. The use of advanced models will also simplify the joint declaration process, making it more efficient for everyone involved.
