EPFO has implemented a centralised IT system, which has led to the records of all regional offices being added to a national database.
The PF interest (8.25 per cent) will now be auto-processed and credited to the accounts by July 15. Pensioners will be able to take a pension from any PF office in the country, and their PF will be transferred automatically when they change jobs.
Claims up to Rs 5 lakh will be settled on the same day. This will benefit about 34 crore PF accounts, and a total of more than Rs 1.44 lakh crore will be sent as interest.