Soon, withdraw EPFO pension through app
Tech
Revamp To Bring More Services Online
Soon you
will able to withdraw your pension using your smartphone.
Pensioners
and members of the Employees Provident Fund Organisation (EPFO) can breathe
easy with the state-run pension fund manager planning to develop a mobile
application and move a large chunk of its services online.
“We are
developing an app for pensioners and hope to roll it out by early next year,“ V
P Joy , central provident fund commissioner told TOI. The app for pensioners is
expected to reduce the enormous amount of paperwork and time taken to process
applications. Verification will be done through electronic know your customer
(e-KYC) using the Aadhaar number.
The
organisation has also undertaken a massive effort to upgrade its technology so
that subscribers are able to use its services online without any interface with
officials at the EPFO. “The idea is that people can access most of our services
online and that is where we are headed. Online services will start by early
next year,“ he said, adding that tie-up with banks are also underway to ensure
hassle-free payments.
As a
first, the organisation has started moving data from its 123 offices across the
country to a central server in its Delhi office. “We have moved data from one
office but the entire process of getting the data here will be completed soon,“
said Joy , a 1987 batch Kerala cadre IAS officer.
Centre
for Development of Advanced Computing (CDAC) has been given the job to shore up
the technology at the pension fund manager, which has 3.84 crore subscribers.
“Out of the total, 1.4 crore accounts have been linked to Aadhaar,“ he said,
adding that CDAC was also helping EPFO developing various apps. The EPFO
manages the pension and insurance schemes for the organized sector workforce
and is one of the world's largest pension funds in terms of clients and
transactions.
Apart
from shoring up technology , the state-run pension fund manager is also
planning to offer new schemes to attract subscribers and keep itself relevant
in the changing financial landscape. It is planning to unveil a group housing
scheme for its members as well as a separate pension scheme.
Members
can apply for the housing scheme as a group and the EPFO will certify the amount
available in the members' accounts which will serve as a collateral.
(TOI)
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