EPFO to launch claim settlement via BHIM-UPI within a month: Central Provident Fund Commissioner

EPFO. File Picture

The Employees' Provident Fund Organisation (EPFO) is set to introduce a new claim settlement mechanism through the BHIM app, enabling members to receive settlements directly in their UPI-linked bank accounts, with the framework expected to be rolled out within a month, Central Provident Fund Commissioner Ramesh Krishnamurthy said on Friday.

The move is part of EPFO's broader push to modernise its services and improve the experience for both employees and employers.

Speaking to IANS, Krishnamurthy said the new framework would allow members to submit claims through the BHIM app, with the amount being credited directly to their UPI-linked bank accounts, making the settlement process faster and more seamless.

"The claim settlement process we'll be introducing through the BHIM app and to, the claim will be settled to the UPI-linked bank account. So, this framework will also get implemented in maybe maximum a month from now," Krishnamurthy said.

Speaking on the implementation of social security measures for gig and platform workers, Krishnamurthy said the Code on Social Security provides for a dedicated scheme for gig, platform and other unorganised workers.

He said the government would announce both the scheme and the implementing agency once the framework is finalised. Depending on the government's decision, the scheme could be implemented either by EPFO or another designated agency.

"My encouragement to all employers and employees to remain committed to EPFO. It's one of the best, retirement, safety nets and social security coverage. Also want to highlight the fact that the new EPF schemes and the reforms that EPFO has taken is focused on providing the best, world-class member services," he stated.

"And I've also assured all employers that we will be now focusing on compliance-related reforms. Hopefully, we will be introducing much more simplification in the way employers interact with EPFO. I think net-net, the entire set of reforms will give employees and employers much more trust. They'll be able to have EPFO as a very reliable partner in their social security, and provide for their retirement," he told IANS.

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