"Present decentralised system of EPFO for making payment to its beneficiaries involves higher cost of transactions, delays in re-credits in case of failed transaction and does not provide for Aadhaar enabled payments," it said in a statement.
As per the board, the proposed system would help in transfer of funds on the same day to beneficiaries, availability of the facility of Aadhaar enabled transfer of funds and reduction in bank charges for transaction.
"Office may reconcile the transaction status on T+0 basis. This will result in early re-credit in the accounts of beneficiaries in the case of failed transactions," reads the release.
The board gave in-principle approval to it.
It also took a note of the recent IT based initiatives for better services to its stakeholders, which include introduction of online request functionality to EPF Subscribers for correction in name, date of birth and gender, and online Aadhaar verified UAN allotment to any citizen at unified portal.
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
Doraiah Chowdary Vundavally is a Software engineer at VTech . He is the news editor of SocialNews.XYZ and Freelance writer-contributes Telugu and English Columns on Films, Politics, and Gossips. He is the primary contributor for South Cinema Section of SocialNews.XYZ. His mission is to help to develop SocialNews.XYZ into a News website that has no bias or judgement towards any.
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