The Employees' Provident Fund Organization (EPFO) is set to combine the Unified Payments Interdata-face (UPI) for declared withdrawals with the aid of the end of May, aiming to streamline transactions and reduce processing time, Labour and Employment Secretary Sumita Dawra announced on Monday.
Dawra highlighted that EPFO, which has 7.5 crore lively contributors, has already automatic claims up to Rs 1 lakh, introduced self-correction mechanisms, and eliminated redundant techniques, bringing down claim processing time to a few days.
UPI integration to enhance efficiency
For the first time, EPFO has developed a centralized database, paving the way for UPI integration. “We've received hints from the countrywide bills employer of india (NPCI) and submitted a suggestion to EPFO. Once the trial run is complete, we assume the UPI-based device will stay in motion through May. This may permit participants to view their EPFO bills at once in the UPI interdata-face and make car claims. If eligible, approvals will be instantaneous, making sure quick credit to their accounts,” Dawra stated. Stabilizing the centralized database is expected to take two to three weeks, and then the UPI frontend could be released.
increased pension, get right of entry to, and employment incentives
Dawra additionally announced main pension reforms, declaring that EPFO’s seventy eight lakh pensioners will now receive blessings thru a centralized pension device, letting them get admission to their pensions from any bank, instead of being limited to a few precise ones. Highlighting the government’s Employment-related Incentive (ELI) scheme, she mentioned that its funding has been doubled from Rs 10,000 crore to Rs 20,000 crore. The scheme aims to benefit first-time employees, existing people, and platform employees, with additional fitness insurance beneath the PM Jan Arogya Yojana (PMJAY).
The brand-new measures mark a considerable step in the direction of wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW">digital transformation and improved accessibility for EPFO contributors across the United States.