EPFO, the retirement fund body organisation decided to go paperless by 2018 as a part of digital India Initiative.
Employees Provident Fund Organization (EPFO) which runs various social welfare programmes like Employee Provident Fund (EPF), many pension and insurance schemes for formal sector workers has launched various online services such as EPF withdrawal.
Joy also says that once the paperless service comes into play, it will save a lot of time and people would not have to visit the offices to get their work done.
He also talks about how one can get the facility to pay the down payment of the house and pay equated monthly installment through their EPF account.
The new online system is expected to reduce the settlement time for claims from about 20 days at present to around 10 days. However, this facility is available only for those who have an active Universal Account Number (UAN) and have linked this account with their Aadhaar number.
The Employees Provident Fund Organization (EPFO) has been constantly striving in transforming the entire member interaction; in particular to EPF withdrawals. According to EPFO this digitalization of the whole claim process will increase the transparency and convenience among the employees.