EPFO Latest Updates: UPI Integration to Simplify Claims

In the EPFO latest updates, The Employees’ Provident Fund Organisation (EPFO) plans to implement major reforms including UPI integration for claims management. It also includes wider pension access, and enhanced member benefits. This is an effort to drive efficiency and accessibility for EPFO’s 7.5 crore active members.

UPI Integration for Faster Claims

Labour and Employment Secretary Sumita Dawra announced that EPFO will add a Unified Payments Interface (UPI) by the end of May. This will be to facilitate claim withdrawals. This will allow EPFO members to access their accounts via the UPI interface, allow auto-claims, and speed up the approval process. When implemented claim settlement would occur much faster. Also, it will happen with less friction, resulting in a significant reduction in claim processing time. Dawra noted, EPFO is auto-granting claims to its Member Window for claims of up to Rs 1 lakh. Moreoevr, it has also implemented self-correcting capability, and streamlined processes reducing claims processing times to just three days.

Expanded Pension Access

For its 78 lakh pensioners, EPFO has set up a centralized pensioning processing system allowing pensioners to get paid in or via any bank verses only a few set banks. This change should yield more flexibility and access for pensioners.

Enhancing Employee Benefits and Incentives for Job Motivation

To ramp up support for employees, the Employment Linked Incentive (ELI) scheme has been strengthened. It is with the allocation increased from Rs 10,000 crore to Rs 20,000 crore. The scheme is to help new employees, those already in employment, workers on platform, and new health benefits. It is under the PM Jan Arogya Yojana (PMJAY) scheme.
With this recent news updates, EPFO is also making a big push towards a digital transformation to provide a more effective and user-friendly experience for its members.