Retirement fund body EPFO is set to focus on improving ease of living for workers (subscribers) and ease of doing business for employers in 2020, mainly through digital tools in its pursuit to become a paperless organisation eventually. Employees’ Provident Fund Organisation (EPFO) is undertaking several digital initiatives including online Universal Account Number (UAN) generation facility for subscribers and e-inspection system for employers.
“EPFO has focus on two major initiatives during the year 2020. The first initiative is to further promote ease of living for workers. The second initiative is targeted at promoting ease of doing business for employers,” Central Provident Fund Commissioner Sunil Barthwal told PTI. Citing an example Barthwal said online UAN generation facility has been provided to all workers having valid KYC documents. This platform will also ensure that no eligible worker is deprived of social security benefits.
EPFO also obtained Legal Entity Identifier Code (LEI) for participation in non-derivative markets by EPFO. In November 2018, the Reserve Bank Of India (RBI) issued advisory to all eligible market participants in the financial markets to obtain LEI Code. The trustees approved the nomination of the EPFO officers as the authorised officials to obtain LEI Code. The retirement fund body also decided to withhold any further investment in private sector companies bonds and to compulsorily consider one of the two required ratings necessarily from CRISIL, CARE, ICRA & India Ratings for investments in PSU Bonds category.
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