EPFO (Employee provident fund organization) is one of the legal and second-largest organizations for providing pension schemes to the employees. It is also one of the security organization for the investment as the government of India is managing it. Generally, the employees and employers both need to contribute 12% of their salary towards the pension scheme and in terms of provident fund. Recently, the EPFO has launched an E-inspection system to simplify the inspection process and ensure the organizations with open communication for not any physical inspection. Central Provident fund commissioner Sunil Barthwal releases this statement.
We know that some of the organizations are now not able to generate UAN (12 Digit Unique account number) to some of their employees, and It is generally due to the mismatch in the data recorded in the EPFO portal.
That is the reason why EPFO (Employee provident fund organization) made it compulsory for everyone to update their KYC documents in their EPF account.
Recently they have launched the three-day e-inspection and KYC verification process to match the record and data of every employee they are having in their database. Moreover, they also have assured the organizations that there will be no physical inspection, and the only thing they want from the employees is to update their KYC (Know your customer) documents as soon as possible to the EPF portal.
In case if they do not submit or upload their KYC documents, then the services will be automatically stopped, and the EPF accounts will get limited to the several options only.
Why is E-Inspection Important?
There is a number of fake profiles, and the EPFO already releases the statement that they are having a lot of data, and due to mismatch in their records.
They now require the submission of KYC documents from the employees to make sure the verification process goes well. This verification is currently known as the e-inspection system of EPFO.
Frequently asked questions
There are some questions which are frequently asked by some people. I am listing some of the common questions below.
- Is KYC submission is necessary?
- How long does it take to verify our data?
- What if the customer does not submit their KYC documents?
- Is it official?
#1 Is KYC submission is necessary?
Yes, It is mandatory by the government of India and the EPFO as well. It is generally to match the records and data of the EPFO portal.
#2 How long does it take to verify our data?
It would take a maximum of three days to verify our data.
#3 What if the customer does not submit their KYC documents?
If the customer does not submit their KYC documents, then their account will be limited, and they no longer have access to every option of thier account.
#4 Is it official?
Yes, It is official.
It is essential for the government and also for the employees to remove the fake profile data and correct the mismatch records. That is why they have launched an initiative of e-inspection for completing this process. In this article, I have added everything about the e-inspection process and what it is to verify the customer data.
Krishna Murthy is the senior publisher at Finance XOD. He is not only the senior publisher but also the owner of Tricky Finance. Krishna Murthy was one of the brilliant students during his college days. He completed his education in MBA (Master of Business Administration), and he is currently managing the all workload for sharing the best banking information over the internet. The main purpose of starting Tricky Finance is to provide all the precious information related to businesses and the banks to his readers.