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EPFO to Integrate UPI for Faster Claims

  • The EPFO is set to introduce UPI integration for claims processing to enhance efficiency and reduce transaction time.
  • Labour and Employment Secretary Sumita Dawra announced that EPFO currently has around 7.5 crore active members.
  • Claims up to ₹1 lakh have been automated, and unnecessary processes have been eliminated, reducing claim processing time to three days.
  • A centralised database has been established, and UPI integration is expected to roll out by the end of May, allowing members to view accounts and make auto-claims instantly.
  • Pension reforms include a centralised pension system, benefiting 78 lakh pensioners who can now receive their pension from any bank.

Source: The Hindu, Moneycontrol

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4mo ago
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