The Employees' Provident Fund Organisation, as part of EPFO 3.0 reforms, has introduced 'Passbook Lite' for members to check summaries, along with an easier way to shift the provident fund accounts while changing jobs.
'Passbook Lite' will make it easier to see a summary of contributions, withdrawals and current balance in a faster manner without accessing the passbook portal.
Passbook Lite
"The reform integrates existing APIs, reduces the load on the standalone Passbook Portal, and improves operational efficiency. For detailed and comprehensive view of passbook, including graphical display, the existing Passbook Portal can still be accessed," Labour & Employment Minister Mansukh Mandaviya said.
The step is expected to provide all important services through a single login, offering greater ease of access, and could reduce grievances and improve transparency.
At present, members need to log in separately to the passbook portal to check PF contributions and transactions. This dual log in system often led to password synchronization issues or delayed the access to the account. For a comprehensive view of the passbook, the existing portal can still be accessed.
Transferring Provident Fund
The EPFO has also enabled Annexure K - a transfer certificate generated by the previous employer - to be accessible online, so that employees changing jobs can shift their provident fund accounts online, and track the status for the application.
When employees change jobs, their provident fund accounts are transferred to the new employer’s through a Form 13 online, and a Transfer Certificate (Annexure K) is sent to the new PF office. Until now, Annexure K was only shared between PF offices and was made available to members only upon request.
Now, members can directly download the Annexure K in a PDF format from the portal, and track status of transfer online, ensuring transparency. This also leaves a permanent digital record, which may be useful at the time of calculation of EPS benefit.
Members will also be able to track if the PF balance and their service period with the previous employer are correctly updated in the new account.
Fast-tracked Settlement
The EPFO has also rationalized the approval hierarchy in cases of settlements or request for advances, with the powers vested with Officer-in-Charge now delegated to Assistant PF Commissioners or lower ranks, in a tiered manner. This will cover transfer and settlement requests, advances, refunds, cheque/ECS/NEFT returns, or interest adjustments.
Previously, several EPFO services required approvals from higher-level officers, making the process multi-layered and increased the processing time. With the new reform, claim settlements is expected to be faster with reduced processing time. It also simplifies the approval layers and improves accountability at field office level, resulting in members being able to avail services in a more transparent manner with greater satisfaction.
Experts say the reforms introduced by EPFO are aimed at making social security services more transparent, efficient, and member-friendly. Initiatives such as Passbook Lite, online access, and rationalization of approval layers reflect commitment to simplify processes and reduce delays, they say.
"By leveraging technology and decentralizing decision-making, it will enable faster settlements, improved transparency, and greater ease of access for members. These reforms will not only enhance the trust and confidence of employees in EPFO but also align with the broader vision of improving ease of delivering seamless digital services to members," said Vaibhav Bhardwaj, Partner at Khaitan & Co.
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