Online EPF withdrawal, pension fixation to be a reality

Online EPF withdrawal, pension fixation to be a reality by May

Online EPF withdrawal, pension fixation to be a reality by May

Retirement fund body EPFO is expected to launch online facility for settlement of claims, including EPF withdrawal and pension fixation, by May this year to put an end to tedious paper work by its members.

At present, the Employees’ Provident Fund Organisation (EPFO) receive close to 1 crore applications manually for settlement of EPF withdrawal claim, pension fixation or getting group insurance benefit by deceased persons.

“The process of connecting all field offices with a central server is going on. We may introduce the facility for online submission of all types of applications and claims like EPF withdrawal and pension settlement by May this year,” EPFO’s Central Provident Fund Commissioner V P Joy told PTI.

Joy said that all EPFO offices would be connected to central server in couple of months following which the facility of online submission of all sort of applications can be introduced.

EPFO has an ambitious plan to settle the claims within few hours after filing of application. For instance, it has plans to settle the EPF withdrawal claim within three hours of filing of online application.

As per the scheme, EPFO is required to settle all claims within 20 days from filing of the application for settlement of pension or EPF withdrawal.

Under the pilot, the EPFO has already connected its around 50 field offices with the central server.

In a recent review meeting on digitisation in the EPFO, the field formations and Information Services wing has been asked to link all 123 offices with the central server so that subscribers can be provided services online.

EPFO has made it mandatory for all subscribers as well as pensioners to submit their Aadhaar number. This will help linking EPF account, pension account, bank account and Aadhaar number which would eventually facilitate providing a host of online facilities to subscribers like online withdrawal and fixation of pension.

The body has recently extended the deadline for submitting Aadhaar for its subscribers and pensioners till March 31, 2017. Seeding of Aadhaar number with the EPF, pension and bank accounts is required for settling claims online to reduce public interface for bringing in more transparency.

-February 19, 2017 | PTI | New Delhi

 

Qualcomm to invest $8.5 million in India for digitisation

 Qualcomm to invest $8.5 million in India to support PM Narendra Modi’s vision of digitisation

Technology major Qualcomm has announced that it will invest $8.5 million in India, with an aim to expand its digital design initiatives in the country. The Design in India challenge was announced back two years ago in 2015 and had around 400 participating members. Today, at an event, three startups among the top 10 participants who were shortlisted, won a prize money of $100,000 each. The event was also attended by Union minister for Law and Justice Ravi Shankar Prasad and NASSCOM President R. Chandrashekhar.

QualcommThe startups which won the prizes were iFuture Robotics, Uncanny Vision and Carnot Technologies. During the event, John Han, senior vice president and GM, Qualcomm technology Licensing said that the company is very passionate about innovation and it is evident in the fact that it invests a lot of money in risky research and development projects. He added that Qualcomm is committed to supporting PM Narendra Modi to help the Indian ecosystem become a digitally empowered society.

At the event, Ravi Shankar Prasad said that Indians are now more desirous of technology than ever before. He said that India is ready for innovations in digital designs. He asked the young entrepreneurs to work more towards India-focused research including rural health and education. He also talked about how Adhaar card’s technological prowess is now admired globally. Prasad also insisted on the need of more human resource in the area of research and talked about how the government is trying to create an ecosystem suitable for startups. He also asked Qualcomm to make a chip which is integral to the Aadhaar itself.

Among the prize winners, iFuture Robotics is a startup which makes industrial automation robots which read environment data to move and deliver objects in warehouses which reduce labour cost as well as human injuries from heavy machinery. Uncanny Vision demonstrated an intelligent surveillance camera which can solve many security problems in places like ATMs.

The camera uses machine learning to detect human actions for face and movement. Meanwhile, Carnot technologies is a telematics startup for low-cost bikes. The machine that they presented could connect a bike to a user’s smartphone which can be useful for the safety of the vehicle even during emergency situations.

In the next initiative, Qualcomm with its Design in India Challenge II will be supporting companies in fields like Rural technology, payment methods, agricultural technology, health, biometric and more. The company will also enable mobiles and Internet of Things vendors from India by giving them better Camera, RF and Audio design technology. The company said that it will launch a new Innovation lab in Hyderabad and expand its existing one in Bangalore.

Courtesy: http://www.financialexpress.com/| January 17, 2017