The Employees’ Provident Fund Organisation (EPFO) is set to integrate UPI for claims processing by May 2025, aiming to enhance efficiency and reduce transaction time, Labour and Employment Secretary Sumita Dawra said on Monday.
📌 Key Highlights of the UPI Integration:
🔹 EPFO currently has 7.5 crore active members.
🔹 Claims up to ₹1 lakh have already been automated.
🔹 Claim processing time reduced to 3 days with database integration.
🔹 UPI integration will enable instant claim approvals for eligible members.
🔹 Users can access EPFO accounts directly on UPI platforms for auto-claims.
“We have received suggestions from NPCI and submitted a proposal to EPFO. After necessary testing, we expect to roll out the UPI frontend for EPFO claims by the end of May,” Dawra told media.
EPFO Pension Reforms: Centralized Pension System Implemented
📌 New Pension System Benefits:
🔹 78 lakh pensioners to benefit from the centralized pension system.
🔹 Pensioners can now receive pensions from any bank (earlier, only select banks were notified).
🔹 Reform implemented after consultation with RBI.
Employment Linked Incentive (ELI) Scheme Gets ₹20,000 Crore Boost
📌 ELI Scheme Expansion:
🔹 Budget allocation doubled from ₹10,000 crore to ₹20,000 crore.
🔹 First-time employees & existing workers to benefit.
🔹 Platform workers to receive health coverage under PMJAY scheme.
EPFO’s UPI integration and pension reforms mark a significant step toward financial inclusion and efficiency in India’s employment and pension systems.