6 days Ago
NEW DELHI: The Employees’ Provident Fund Organisation (EPFO) is looking at further improving the processes for faster settlement of claims, while also preparing to integrate payments up to Rs 1 lakh with UPI. Labour secretary Sumita Dawra told TOI that the National Payments Corporation of India has given the architecture for UPI, and EPFO is likely to roll it out in the next few months, making it easier for subscribers to get their money. “This will benefit all members, as they will be able to view their EPFO accounts directly in the UPI interface and make auto-claims.
If the subscriber is eligible, the approval process will be instant, ensuring quick credit to their accounts,” she said. The facility will be available under the auto settlement window, whose limit is fixed at Rs 1 lakh, and subscribers can now tap it to meet expenses related to medical treatment, advance for housing, education and marriage. While EPFO has reduced the number of validations from 27 to 18, a committee has recommended that this should be cut to six.
“Auto settlements now take three days, instead of several weeks earlier, and the numbers have doubled from a little under 90 lakh last year to nearly 1.9 crore so far this fiscal,” Dawra said..
