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The Employees' Provident Fund Organisation (EPFO) has almost cleared its claim settlement backlog and expects most fresh claims filed by members to be settled on the same day or within a maximum of two days, Ramesh Krishnamurthy, Central Provident Fund Commissioner (CPFC), EPFO, said on Friday.
"We have almost cleared all our backlog of claim settlements. In the new system, we are seeing auto-settle claims as high as 90 per cent. We hope that most of the claims filed by members will be settled either on the same day or within a maximum of two days," Krishnamurthy said. He said this while addressing the Global Industrial Relations Summit with a theme of Industrial Relations in the fast-shifting Global Landscape organised by FICCI. Krishnamurthy said EPFO's new employment schemes and ongoing reforms are focused on providing world-class member services while simplifying compliance for employers. The organisation will now focus on compliance-related reforms to make interactions easier for employers and to strengthen trust in EPFO as a reliable social security institution for both employers and employees. "I would like to highlight the fact that the new employment schemes and the reforms that EPFO has taken focus on providing the best world-class member services. I have also assured all employers that we will now be 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 will be able to have EPFO as a very reliable partner in their social security and provide for their retirement," he said. Krishnamurthy said EPFO will introduce provident fund claim settlement through the BHIM app, enabling claims to be credited directly to members' UPI-linked bank accounts. The framework is expected to be rolled out within about a month. "As our Minister has said, the claim settlement process we will be introducing through the BHIM app and the claim will be settled through the UPI-linked bank account. So this framework will also get implemented in maybe a maximum a month," he said. On bringing gig and platform workers under the social security framework, Krishnamurthy said the Code on Social Security provides for the government to introduce a dedicated scheme for gig and platform workers and other unorganised workers. Once the government notifies the scheme, it will also announce the implementing agency, he said. As a part of the Code on Social Security, there is a provision for the government to come out with a scheme for gig and platform workers and other unorganised workers. The moment the government comes out with a scheme, it will also announce the implementing agency. Once that is there, the scheme will make sure that it can be implemented either by EPFO or any agency the government decides, he said. Responding to a question on whether the Employees' Provident Fund (EPF) interest rate could be raised above the current 8.25 per cent, Krishnamurthy said it was too early to comment. "It is too premature to say. At this moment we have already credited and this is something which is a very significant achievement for EPFO. In a single shot, over 34 crore member accounts were credited as on July 3 and we transferred nearly Rs 1.44 lakh crore as interest at the rate of 8.25 per cent. I think that is a huge thing," he said. (ANI)
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