Latest news with #CentralisedPensionPaymentSystem
Time of India
25-06-2025
- Business
- Time of India
Auto-settlement of EPF claims up to Rs 5 lakh now
NEW DELHI: In a move to enable subscribers to tap into their funds to meet requirements, Employees' Provident Fund Organisation (EPFO) has raised the auto-settlement limit for advance claims from Rs 1 lakh to Rs 5 lakh. This en'hancement is likely to benefit lakhs of subscribers, especially during urgent needs such as illness, education, marriage or housing. Auto-settlement allows claims to be processed entirely by an automated system without human intervention, ensuring quick disbursal & greater transparency. First introduced during the Covid-19 pandemic to provide financial relief, the advance claims EPFO facility has since been expanded and now covers a broad range of advance claims. Announcing the decision, Union labour and employment minister Mansukh Mandaviya said, "The enhancement of the auto-settlement limit is a testament to our govt's commitment to ensuring dignity and ease of living for India's workforce. EPFO members should be able to access their funds promptly, especially in times of need. This step will bring efficiency, speed and trust to the system." The move is part of a broader series of reforms by EPFO to modernise and simplify operations. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Cuối cùng, chơi miễn phí game chiến thuật hay nhất 2025! Sea of Conquest Phát ngay Key initiatives include simplification of KYC correction processes, removal of employer dependency for profile updates and activation of UAN using face authentication technology through the Umang app. EPFO has also eliminated the need for uploading cheque leaf images or passbook copies and removed employer approval requirements for seeding bank account details and transferring claims. In addition, a Centralised Pension Payment System has been launched to streamline pension disbursement. The impact of these reforms is visible in recent figures. In FY 2024-25, EPFO processed a record 2.34 crore advance claims via the auto mode - a 161% increase from 89.52 lakh in FY 2023-24. Auto-settlement accounted for 59% of all such claims last year, up from 31% the previous year. In the first two and a half months of FY 2025-26, EPFO has already auto-settled 76.52 lakh claims, representing 70% of all advance claims so far. Officials said the growth reflected EPFO's commitment to automation and member-centric services. With the increased auto-settlement limit now in place, members will have faster and more reliable access to their funds, further reducing grievances and enhancing trust in the system. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Mint
23-05-2025
- Business
- Mint
EPFO rules 2025: Here are 4 key changes every EPF member should be aware of
The Employees Provident Fund Organisation (EPFO) introduced several reforms in 2025 to simplify and digitise the process. Here are the five most significant changes made by EPFO this year. EPFO has digitised the joint declaration process from 16 January 2025 onwards. By linking the Universal Account Number (UAN) to Aadhaar, EPF members can finish the joint declaration online. However, if the UAN is not linked to Aadhaar, it becomes essential to submit the joint declaration physically. A joint declaration is mandatory for employees to request changes to their profile details, which are verified by the employer. Hence, digitising the joint declaration helps with updating profile details such as name, date of birth, gender, nationality, parents' names, marital status, spouse's name, and other details online without any additional documents. However, in certain cases for UANs created before 1 October 2017, members may need the approval of their employers. Earlier, transferring the provident fund when changing jobs required the approval of the employer. From 15 January 2025 onwards, the approval of the old or new employer is not necessary to transfer the provident fund. EPFO implemented the Centralised Pension Payment System (CPPS) from 1 January 2025 onwards. This system allows pensioners to access their pensions from any bank nationwide, streamlining the process by removing physical verifications and decreasing the necessity for Pension Payment Order (PPO) transfers. Previously, PPOs were shifted from one regional office to another for pension payment. Additionally, PPO is now compulsorily linked to UAN. According to EPFO provisional payroll data for March 2025, there has been a net addition of 14.58 lakh members, a 1.15 per cent surge compared to March 2024. EPFO enrolled nearly 7.54 lakh new subscribers in March 2025, a 2.03 per cent increase from February 2025.
