Sonu Iyer, tax partner and people advisory services leader, EY India
Over the past few years and especially under the Central Provident Fund Commissioner (CPFC), V. P. Joy, the EPFO has ushered in multiple reforms—both in its internal functioning and in its dealings with key stakeholders, the employers and employees.
The EPFO has really focussed on the digital agenda with the following initiatives:
a. Online monthly PF returns for private trusts
b. Online PF settlements
c. Online linking of Universal Account Number (UAN) with Aadhaar of employees
d. Auto transfer of PF account on change of employment
e. The launch of a new mobile application, UMANG
A simple monthly reporting of performance evaluation of private provident fund trusts, which scores and ranks trusts over six compliance parameters, is a good idea that ensures provident fund compliance remains a strong focus area of every employer and employee interests are well protected. Moving on, the EPFO needs to continue on this journey of progressive reforms and some of the suggestions for the new EPFO head will be:
1. Monitor ease of withdrawals for subscribers
2. Quick resolution of PF related litigation
3. Training and awareness amongst EPFO workforce, officers and staff alike
4. Clarity in regulations for ease of implementation
5. An annual audit using digital technology, to provide comfort to both employers and employees
6. Seek feedback from subscribers or beneficiaries.
Source: Live Mint