The Staff’ Provident Fund Organisation (EPFO) is ready to combine Unified Funds Interface (UPI) to cut back transaction occasions and improve comfort.
Beneath the Provident Funds and Miscellaneous Provisions Act, an employer and employee each are required to contribute 12% of an individual’s primary wage in direction of a retirement-benefits corpus managed by the EPFO (HT Picture)
“We have received suggestions from the National Payments Corporation of India (NPCI) regarding this integration and have submitted a proposal to EPFO for consideration,” she mentioned.
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Dawra mentioned for this goal, the EPFO has established a centralised database and that after conducting the required testing, the UPI frontend for EPFO claims could get rolled out by the tip of Might.
Which means that all members can view their EPFO accounts immediately within the UPI interface and make auto-claims.
As well as, the approval course of will likely be on the spot so long as the consumer is eligible, making certain fast credit score to their accounts.
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She additionally mentioned stabilising the centralized database will take round two to a few weeks, following which the frontend for UPI integration will develop into prepared.
Dawra additionally talked about different developments seen by the EPFO, which presently has round 7.5 crore energetic members who preserve their Provident Fund accounts and contribute in direction of their pension.
“Claims up to ₹1 lakh have been automated, self-correction mechanisms have been introduced, and unnecessary processes have been eliminated,” she mentioned. “Additionally, we have integrated databases, reducing the claim processing time to just three days.”
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She additionally highlighted that although there are 78 lakh pensioners within the EPFO, just a few banks have been notified for pension disbursement earlier.
“However, we sought advice from the Reserve Bank of India (RBI), and now we have implemented a centralized pension system,” she mentioned. “Pensioners are benefiting from this as they will now obtain their pension from any financial institution.”