EPFO to allow UPI, ATM withdrawals for provident fund from June, develop pension entry

The Workers’ Provident Fund Organisation (EPFO) is about to combine Unified Funds Interface (UPI) for declare withdrawals by the tip of Could, aiming to streamline transactions and cut back processing time, Labour and Employment Secretary Sumita Dawra introduced on Monday. Dawra highlighted that EPFO, which has 7.5 crore energetic members, has already automated claims as much as Rs 1 lakh, launched self-correction mechanisms, and eradicated redundant processes, bringing down declare processing time to a few days.

UPI integration to enhance effectivity

For the primary time, EPFO has developed a centralised database, paving the best way for UPI integration. “We’ve got obtained solutions from the Nationwide Funds Company of India (NPCI) and submitted a proposal to EPFO. As soon as testing is accomplished, we anticipate the UPI-based system to go dwell by Could-end. It will permit members to view their EPFO accounts instantly within the UPI interface and make auto-claims. If eligible, approvals might be on the spot, guaranteeing fast credit score to their accounts,” Dawra stated. Stabilising the centralised database is predicted to take two to a few weeks, after which the UPI frontend might be launched.

Expanded pension entry and employment incentives

Dawra additionally introduced main pension reforms, stating that EPFO’s 78 lakh pensioners will now obtain advantages by way of a centralized pension system, permitting them to entry their pensions from any financial institution, as an alternative of being restricted to some designated ones. Highlighting the federal government’s Employment Linked Incentive (ELI) scheme, she famous that its funding has been doubled from Rs 10,000 crore to Rs 20,000 crore. The scheme goals to profit first-time staff, current employees, and platform employees, with extra well being protection beneath the PM Jan Arogya Yojana (PMJAY).

The brand new measures mark a big step towards digital transformation and improved accessibility for EPFO members throughout the nation.

(With inputs from ANI)