Now the money deposited in the PF account will be visible on the UPI app itself. Not only this, on claiming, the money will come to your account immediately from UPI. The Employees Provident Fund Organization (EPFO) is taking steps in this direction.
Labor and Employment Ministry Secretary Sumita Dawra said on Monday that UPI is being integrated in the processing of claims. Once the UPI integration process is completed, the money will come to the claimant’s account with one click. Talking about this, Dawra said that currently EPFO has around 7.5 crore active members who are maintaining their PF accounts and also putting money in the pension fund. The Labor Secretary emphasized that EPFO has established a centralized database for the first time. He said, ‘Our next step is to connect UPI to the system. We have received suggestions from the National Payments Corporation of India (NPCI) and we have sent the proposal of UPI integration to EPFO for consideration.’
EPFO has taken several steps
Dawra said that EPFO is moving fast from digitization to automation for the convenience of members and many major works have been completed. He said, ‘We have done a lot of work in this regard. Claims up to Rs 1 lakh have been automated. At the same time, customers have also been given the facility to correct mistakes themselves. Also, unnecessary processes have also been removed. Apart from these, we have integrated the database due to which the claim processing time has come down to just three days.’
Our next step is to integrate UPI into the system. We have received suggestions from the National Payments Corporation of India (NPCI) and have sent the proposal for UPI integration to EPFO for its consideration. -Sumita Dawra, Secretary, Ministry of Employment and Labour
Claim disbursal from UPI expected to start by June
Regarding UPI integration, he expressed hope that UPI payments will start by June. Dwara said that after necessary testing, by the end of May, EPFO will be able to use UPI for disbursement of claims. This will benefit all members as they will be able to see EPFO accounts on the UPI interface itself and will be able to make auto claims from there. If the members meet the criteria, their claim approval process will also be completed quickly. This will ensure immediate transfer of money to their accounts. Dwara said that it will take two to three weeks for the centralized database to be up and running. After that, the work of UPI integration will begin.
The Ministry of Labor and Employment is also engaged in making arrangements to ensure that pension money is easily available. Dawra said, ‘There are currently 78 lakh pensioners in EPFO. Earlier, pension money was given only through a few banks. Last year, we sought advice from the Reserve Bank (RBI) and now we have implemented the centralized pension system. Now people are withdrawing pension from any bank.’
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