Good news for Employees’ Provident Fund Organization (EPFO) members! The EPFO is planning to use advanced technologies like Artificial Intelligence (AI), Blockchain, and Machine Learning (ML) to make PF claims easier, especially for older service records.
Many members who joined the EPFO before the UAN system often face problems verifying their old employment records.
This could be due to company closures or missing documentation.
EPFO officials say that these new technologies will help verify member records quickly and accurately, ensuring smooth processing of advance or final claims.
How Members Will Benefit
These technologies will especially help:
Members with multiple EPF accounts spread across different employers
People facing difficulties merging accounts under their UAN
Members with inoperative accounts who want to file claims
By analyzing records and identifying discrepancies, AI and ML can determine claim authenticity without unnecessary delays.
What Is UAN and Why It Matters
The Universal Account Number (UAN), introduced in 2014, is a 12-digit unique ID for every EPF member.
It acts as a single umbrella for all member IDs from different employers, making it easier to:
Track contributions
Transfer PF accounts
Access PF online
UAN also simplifies the process for new members porting their PF accounts between companies.
PF Contributions at a Glance
As of March 2024, 203 million UANs were allotted across 300+ million member accounts
73 million UANs are actively contributing to retirement funds
Private employees contribute 12% of their basic salary to PF
Employers contribute 12%, of which 3.67% goes to the pension fund and 8.33% to the employee’s PF account
This move by EPFO will make PF management faster, more transparent, and easier for all members, especially those struggling with older records or multiple accounts.
