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A number of the modifications envisioned for the retirement fund physique within the brief, medium, and long run embody restructuring of EPFO places of work, enterprise course of re-engineering, leveraging IT for automated settlement of claims and cadre restructuring, a senior authorities official informed ET, requesting anonymity.
“The broad goal is to create an innovation-driven social safety group with an purpose to increase common protection and guarantee seamless and uninterrupted companies in a contactless, paperless and clear method to its stakeholders by state-of-the-art expertise,” the official stated.
In response to the official, the EPFO has commissioned a examine to IIT Delhi on reforms wanted at EPFO to enhance effectivity, the report for which is predicted to be submitted later this month.
EPFO’s employees energy took a dip of 21.3% within the final 10 years whereas the claims settled by the group rose by over three and a half occasions, in a transparent case for enhancing human useful resource on the organisation together with different cadre associated modifications.
ET BureauWork has begun at EPFO on a precedence foundation on governance associated interventions together with establishing of a centralised database at pan India stage and leveraging expertise for automated settlement of claims, topic to a validation course of, the official stated.”On the infrastructure stage, the EPFO has kick-started restructuring of its numerous places of work and any view on cadre restructuring will emerge after holistically taking all these features into consideration,” the official added.EPFO’S subscriber base and consequently the workload has gone up many fold over the previous few years with the rise within the variety of organised workforce in India. The web subscriber addition below EPFO stood at 6.1 million in 2018-19, 7.8 million in 2019-20, 7.7 million in 2020-21, 12.2 million in 2021-22 and 13.8 million in 2022-23, a bounce of over 126% in 5 years.
