EPFO to launch e-inspection system to simplify inspection system
New Delhi, Aug 26 (KNN) The Employees’ Provident Fund Organization (EPFO) is planning to launch an e-inspection system, a step towards improving ease of doing business in India.
EPFO Commission Sunil Barthwal said the central provident fund organization will launch an e-inspection system that will simplify inspection process and ensure organisations with open communications will not be subject to physical inspection until absolutely necessary.
EPFO proposed to amend the Act to limit enquiry period to a maximum of two years in order to curtail harassment, he said at an event organized by the Confederation of Indian Industry (CII) last week.
A small percentage of employees are unable to generate UAN (a 12-digit Universal Account Number to all employees entitled to EPF) due to mismatch in data, Barthwal said, adding to address this issue, the EPFO is looking at alternative authentication vis-a-vis the employee database.
"The EPFO is working towards a three-day settlement period for KYC (Know Your Customer) compliant beneficiaries who have UAN linked to Aadhaar, have a bank account and a registered mobile number," the release quoted him as saying.
The Commissioner also deliberated on the compliance mechanism under Employees' Provident Funds & Miscellaneous Provisions Act, 1952, major initiatives by EPFO and challenges faced by the different stakeholders.