New Delhi [India], April 1 (ANI): The Employee's Provident Fund Organization EPFO entered into pacts with 15 more entities from both public and private sectors banks In the presence of Dr Mansukh Mandaviya, Union Minister for Labour & Employment and Youth Affairs & Sports in New Delhi on Tuesday.
The newly empanelled 15 banks will facilitate the direct collection of approximately Rs 12,000 crore each year and provide immediate access to employers who manage their accounts with these institutions. banks To allow employers subject to the Act to make their monthly payments, EPFO has already empanelled 17 banks , taking the total to 32.
Union Minister of Labour & Employment and Youth & Sports, Dr Mansukh Mandaviya, in his address, stated that the country's progress towards a "Naya Bharat" is being significantly supported by institutions like the EPFO , which plays a crucial role in shaping the nation's future. With nearly 8 crore active members and more than 78 lakh pensioners, EPFO offers advantages that guarantee social welfare for millions, he mentioned additionally.
He emphasised how EPFO continues to evolve and adapt, with the recent implementation of EPFO 2.01, an efficient IT system that has notably enhanced claims processing. He mentioned for the Fiscal Year 2024-25, EPFO processed more than 6 crore claims, marking a 35 percent rise from the 4.45 crore claims handled in the prior year (2023-24).
Dr. Mandaviya highlighted that customer satisfaction has improved substantially, and EPFO is actively working on evolving towards EPFO 3.0 to make it as accessible and efficient as banks .
He mentioned that a notable landmark was achieved with the launch of the Centralized Pension Payment System.
This new system will advantage more than 78 lakh pensioners, allowing them to get their pensions into any bank account nationwide. Earlier, pensioners had to maintain an account with a particular zonal bank, but this requirement has now been eliminated,” stated the Union Minister.
Mandaviya likewise addressed the important transformations. EPFO Recently, they have implemented a significant change with the introduction of an automated claims settlement process. This innovation has greatly enhanced the efficiency of handling insurance claims, reducing their resolution time to merely three days. According to the Union Minister, during FY 2024-25, over 2.34 crores of claims were processed through this new method, marking a substantial rise of 160 percent compared to the approximately 89.52 lakhs claims managed in the fiscal year 2023-24.
The Union Minister expressed joy over the fact that EPFO is providing an 8.25 percent interest rate to its participants. The involvement of banks In-service delivery could further boost the efficiency of EFFO and enhance good governance.
The new banks added by the EPFO are HSBC Bank , Standard Chartered Bank , Federal Bank , IndusInd Bank , Karur Vysya Bank , RBL Bank , South Indian Bank , City Union Bank , IDFC First Bank UCO Bank, Karnataka Bank, Development Bank of Singapore, Tamilnadu Mercantile Bank, Development Credit Bank, and Bandhan Bank. (ANI)
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