
The Employees' Provident Fund Organisation (EPFO) has announced significant improvements to its withdrawal processing system, with Central Provident Fund Commissioner Ramesh Krishnamurthy revealing that most fresh PF withdrawal claims will be settled on the same day or within a maximum of two days. According to reports from Mint, this represents a major improvement from the previous 7-10 working days settlement period for online claims upon completion of KYC verification. The retirement fund body has achieved nearly 90% auto-settle claims in the new system, indicating substantial operational efficiency gains.
EPFO has announced plans to introduce claim settlement through the BHIM app, enabling direct crediting of provident fund claims to members' UPI-linked bank accounts. As reported by Mint, Krishnamurthy indicated that this framework will be implemented within approximately one month. This digital integration aims to further streamline the withdrawal process and provide faster access to EPF savings for subscribers.
EPFO has achieved a significant milestone in member service delivery, with over 34 crore member accounts credited as of July 3 and ₹1.44 lakh crore transferred as interest at the current 8.25% rate. According to Mint reports, Krishnamurthy emphasized this as a substantial achievement for the organization. However, when asked about potential EPF interest rate increases above the current 8.25%, Krishnamurthy stated it was premature to comment on any potential changes.
The EPFO has successfully almost cleared its entire claim settlement backlog, marking a significant operational improvement. As reported by Mint, Krishnamurthy noted that the organization's new employment schemes and ongoing reforms are focused on providing enhanced member services while simplifying compliance for employers. The EPFO will now concentrate on compliance-related reforms to make interactions easier for employers and strengthen trust in EPFO as a reliable social security institution.