EPFO: Shortly, members of the Employees’ Provident Fund Organisation (EPFO) will have the capability to submit their claims via the Unified Payment Interface (UPI). This advancement will serve the 75 million active members of the organization, allowing them to complete their transactions with enhanced speed and transparency.
Know about the possible plan
Sumit Dawra, Secretary of the Ministry of Labor and Employment, noted that these 75 million active members maintain their Provident Fund accounts and contribute towards their pensions. Efforts are underway to streamline services for their convenience.
Dawra mentioned that claims up to Rs 1 lakh have now been automated. Additionally, a self-correction mechanism has been introduced for profile updates, effectively removing unnecessary steps by automating and simplifying the process.
According to Dawra, the integration of databases has reduced the claim processing time to three days, with UPI integration being the next objective.
The National Payments Corporation of India (NPCI) has provided recommendations to the EPFO and submitted a proposal for this initiative. Following necessary testing, the option to file EPFO claims through UPI is expected to be available by the end of May.
This development will greatly benefit millions of members, enabling them to access their EPFO accounts directly through the UPI interface and submit auto-claims. If eligible, approvals will be processed immediately. The EPFO is committed to enhancing its services for members by transitioning to online platforms. As of March 6 of this financial year, EPFO has successfully settled a record 21.6 million claims through its automated process, compared to 8.95 million claims settled in the previous financial year.