EPFO Streamlines Claims with UPI Integration: A Leap Forward in Efficiency

The Employees' Provident Fund Organisation (EPFO) is set to integrate UPI for claim processing by end of May, enhancing efficiency and speeding up transactions. This development, along with a centralized database and pension reforms, marks a significant step in modernizing EPFO services, benefiting millions of contributors and pensioners.

The Employees' Provident Fund Organisation (EPFO) is preparing to introduce Unified Payments Interface (UPI) integration into its claim processing system. Labour and Employment Secretary Sumita Dawra announced this plan, which aims to improve efficiency and reduce transaction time for EPFO's 7.5 crore active members.

According to Dawra, claims up to Rs1 lakh have already been automated, and unnecessary processes have been streamlined, cutting down claim processing times to just three days. A centralized database has been established to further enhance efficiency. The integration of UPI is in its final stages, with an expected rollout by the end of May after necessary testing.

In addition to the UPI integration, Dawra highlighted recent pension reforms benefiting 78 lakh pensioners. A centralized pension system allows retirees to receive pensions from any bank, a shift from the previous limitation to specific banks. Furthermore, the Employment Linked Incentive scheme's budget has doubled, supporting first-time and existing employees, as well as providing health coverage for platform workers under the PMJAY scheme.

(With inputs from agencies.)