Good news for Employees’ Provident Fund Organization (EPFO) members! The EPFO is planning to use advanced technologies like Artificial Intelligence (AI), Blockchain, and Machine Learning (ML) to make it easier for members to verify old service records when filing advance or final claims.
Many employees who joined EPFO before the UAN system was introduced often face problems verifying old records.
This can happen if a company has closed down or if proper documents are missing.
The new technology will help verify member records quickly and accurately, making the claim process smoother.
How Members Will Benefit
These technologies will help in several ways:
Merging multiple accounts: Employees who have worked at different locations or companies often have multiple PF accounts.
These can now be linked under a single UAN, even if there are discrepancies in the records.
Inoperative accounts: Members can also file claims for inactive or dormant PF accounts more easily.
The UAN (Universal Account Number) was introduced in 2014 as a 12-digit unique ID.
It acts as an umbrella for all PF member IDs from different employers.
This makes it easier to track, transfer, and access PF online throughout a member’s career.
Understanding PF Contributions
According to government data (March 2024):
203 million UANs have been allotted
300+ million member accounts exist
73 million UANs are actively contributing
For private employees:
12% of basic salary goes into their PF account
From the employer’s 12% share:
3.67% goes into the pension fund
8.33% goes into the employee’s PF account
With these upgrades, EPFO members can expect a faster, more accurate, and hassle-free experience when managing their PF accounts.