EPFO launches new inspection system, online PF code allotment in a week

The retirement body Employees Provident Funds Organisation (EPFO) has launched a wing to inspect firms registered under the body to bring transparency in compliance and coverage.

A Central Analysis and Intelligence Unit will be setup to collect, analyse field level data for a transparent and accountable labour inspection system, an EPFO circular stated.

This is a bid to improve the inspection system and was a part of the 100-days agenda of the EPFO. According to the circular, this scheme will cover all the new firms covered under the EPFO social security schemes, establishment registered on EPFO's ECR portal and organisations listed for closure.

EPFO will also launch the facility to allot the provident fund code for employers online within a week.

"We are launching this service as a part of our initiative towards the ease of doing business. Through this facility, the employers will be able to start the remittances of the provident fund and allied dues without any delay," K K Jalan, central Provident Fund Commissioner told Business Standard.

This facility will be applicable to those firms which avail the facilities of the EPFO. Through this facility, organisations which already have a PF code number and want to apply for another code for a branch at different location can avail the service.

The facility will help the employees to avail the PF code on the same day. At present, employees complain that the PF code is issued within 10-15 days of applying to the body in the offline mode, an official said.

However, EPFO had instructed its field officers to issue the PF code within 3 days of the application. This is a part of the various initiatives on the anvil for the retirement body. The EPFO has also planned a permanent or universal account number (UAN) on the lines of core banking service from 15 October this year.

The body will also revamp the pension process through faster credit of pension and will put a system in place to track the pension disbursement.