EPFO's Strategic Bank Partnership Boosts Efficiency and Accessibility

The Employees' Provident Fund Organisation has partnered with 15 additional banks, streamlining the payment process for Rs 12,000 crore in annual collections. The reforms are set to enhance employer accessibility, improve claim settlement speeds, and offer widespread pension access across all banks in a bid towards greater customer satisfaction.

The Employees' Provident Fund Organisation (EPFO) has forged alliances with 15 more banks, broadening its network to facilitate the direct payment of nearly Rs 12,000 crore in annual collections. The collaboration, witnessed by Dr Mansukh Mandaviya, Union Minister for Labour & Employment, will simplify processes for employers maintaining accounts at these banks.

During his address, Dr Mandaviya underlined the pivotal role EPFO plays in propelling the nation towards a "Naya Bharat." With about 8 crore active members and 78 lakh pensioners, EPFO guarantees social security for millions. He highlighted the progress witnessed with the introduction of EPFO 2.01, which has enhanced claim settlements significantly, processing over 6 crore claims in FY 2024-25, marking a 35% increase over the previous year's figures.

Dr Mandaviya also announced strides towards EPFO 3.0, aiming to match bank-level accessibility and efficiency. A key achievement underlined was the Centralized Pension Payment System, benefitting 78 lakh pensioners, allowing them to receive pensions in any bank account nationwide. The auto-processing of claims has slashed settlement times to three days, underscoring significant reforms within the organization.

(With inputs from agencies.)