Recast EPFO IT system to be operational in three months

As part of the revamp, the retirement fund body will come up with a re-engineered and rationalised centralised payments and claims settlement. "This will result in centralised claim settlement including end-to-end auto processing of claims, centralised monthly pension disbursements, Universal Account Number-based EPF accounting, restructured electronic challan-cum-receipt with due statement and remittance challan, and doing away with the requirements of transfer of member ID (MIDs) on change of jobs," one of the sources said.