EPFO eyes main revamp with leveraging tech for automated claims settlement, restructuring of places of work; commissions research to IIT Delhi – Occasions of India

epfo revamp on the playing cards: The federal government is contemplating a ‘revamp’ of the Workers’ Provident Fund Group (EPFO) to align with the broader imaginative and prescient of common social safety and to considerably enhance service supply.
A number of the modifications envisioned for the retirement fund physique within the brief, medium, and long run embrace 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 advised ET, requesting anonymity.
The goal is to create an innovation-driven social safety group. The thought is to increase common protection and guarantee seamless and uninterrupted companies in a contactless, paperless and clear method to its stakeholders by means of state-of-the-art expertise, the official mentioned.

Based on the official, the EPFO ​​has commissioned a research to IIT Delhi on reforms wanted at EPFO ​​to enhance effectivity, the report for which is predicted to be submitted later this month.
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EPFO’s staffing decreased by 21.3% over the previous decade, whereas claims processed elevated by greater than three and a half occasions. This highlights the necessity for elevated human assets and different structural changes on the group. Efforts are underway at EPFO to reinforce governance, equivalent to establishing a nationwide centralized database and using expertise for automated declare processing, pending validation.
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EPFO is present process restructuring on the infrastructure degree. The official said that any resolution on cadre restructuring might be made after contemplating all elements. The subscriber base of EPFO ​​has elevated considerably in recent times as a result of rise within the variety of organized employees in India. The online subscriber addition below EPFO ​​has seen a considerable development, with numbers standing 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. This marks a exceptional soar of over 126% in simply 5 years.