EPFO plans universal number for members from this fiscal

India Infoline News Service | Mumbai |

EPFO will also set up core banking solution for 40 lakh pension accounts which will enable pensioners get payment on the first day of every month

Employees' Provident Fund Organisation is ready to launch a system of monthly updating account on September 6, according to a media report.

According to EPFO, the objective is to make the EPFO online system customer friendly.

The retirement body will also set up core banking solution for 40 lakh pension accounts which will enable pensioners get payment on the first day of every month, the report added.

EPFO is also working on to restructure its customer identification system and plans universal number for every member from this fiscal.

The universal number will work like a bank account and whenever an employee shifts job, the new employer will feed in the unique number into the system for continuation of the fund.



 

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