EPFO to Integrate UPI for Payments up to Rs 1 Lakh
Streamlining Claim Settlement Procedures
The Employees’ Provident Fund Organisation (EPFO) is working on further streamlining its claim settlement procedures. The organization plans to incorporate UPI payments for amounts up to Rs 1 lakh. Labour Secretary Sumita Dawra confirmed that the National Payments Corporation of India (NPCI) has provided the UPI framework, and EPFO is expected to implement it within the coming months.
Benefits for EPFO Members
- View EPFO accounts directly in the UPI interface
- Make auto-claims
- Instant approval process if eligible
- Quick credit to their accounts
This new feature will benefit all members, allowing them to access funds for various purposes, including medical expenses, housing advances, education, and marriage.
Improved Validation Process
EPFO has already streamlined its validation process, reducing checks from 27 to 18. Auto settlements are now completed in three days, compared to several weeks previously. The number of settlements has increased from approximately 90 lakh last year to nearly 1.9 crore in the current fiscal year.
Accessing Provident Fund through UPI and ATM Facilities
By the end of May or June this year, EPFO subscribers will be able to access their provident fund using UPI and ATM facilities. This enhancement aims to provide EPFO members with a more streamlined experience, similar to how UPI has transformed digital payment methods.
Centralized Database
EPFO has created a centralized database, marking a significant first. The next step is to incorporate UPI into the system. After conducting the necessary testing, the UPI frontend for EPFO claims is expected to be rolled out by the end of May.
