Now there are plans to use it for many other purposes as well. There is news that in the coming few months, you will also be able to withdraw EPFO ​​​​money through UPI. Work is going on rapidly on this. It is expected that this system will start in the month of June. Let us also tell you what kind of planning has come out.

EPFO money will be withdrawn through UPI

Moving into the digital sector, the Employees’ Provident Fund Organisation (EPFO) is preparing to launch a UPI-based claim process, which will allow EPFO ​​members to withdraw their provident fund instantly. Labor and Employment Secretary Sumita Dawra said that the move is being taken with the aim of improving efficiency and reducing transaction timing. In an interview to ANI, Dawra confirmed that the facility will go live by the end of May or June, which will be a major change in the way EPFO ​​members access their savings.

Withdrawal upto Rs 1 lakh

He said that after doing the necessary testing, we are hoping to launch the UPI frontend for EPFO ​​​​claims by the end of May. This will benefit all the members, as they will be able to view their EPFO ​​​​account directly in the UPI interface and make auto-claims. If the subscriber is eligible, the approval process will be instant, which will get the money in their account immediately. Davra told ANI that members will be able to withdraw up to Rs 1 lakh instantly through the auto system and choose their preferred bank account for transfer.

A new revolution will come in EPFO

Currently, EPFO ​​members have to go through a claim process that takes 2-3 days. After the UPI integration is launched, withdrawals are expected to be completed within a few hours or minutes. This facility is expected to revolutionise the Provident Fund process, just like UPI did for digital payments in India. Apart from faster withdrawals, EPFO ​​has also expanded the scope of use of funds.

Members can now withdraw funds for housing, education and marriage in addition to the existing illness provisions, Dawra said. To make this change possible, EPFO ​​has made a significant digital transformation. More than 120 databases have been integrated to streamline the claim process and 95 per cent of claims are already automated. The aim is to further simplify the process, reducing paperwork and delays.

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The portal was launched at the 15th meeting of the BOCW Monitoring Committee held with all States and Union Territories under the chairmanship of Secretary, Ministry of Labour and Employment. Various issues related to BOCW data integration and utilisation of BOCW cess funds for welfare activities were discussed during the meeting. The meeting was attended by Chief Secretaries, Secretaries, Labour Commissioners and/or Welfare Commissioners of States and Union Territories, apart from senior officials of the Ministry.

In an initiative aimed at the welfare of BOC workers and unorganised workers, the BOCW Management Information System (MIS) portal was launched by Sumita Dawra, Secretary, Ministry of Labour and Employment. The portal will act as a centralised data management system for compilation and analysis of data received from the Building and Construction Workers Welfare Boards of the States. This will enable the States/UTs to take informed decisions and

BoCWs will be able to formulate better welfare policies for workers. States and Union Territories were asked to register on the portal and update their details, including access to data on registration of workers under various Central and State schemes regarding social security benefits, insurance, health benefits, housing schemes, etc. and onboarding.

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It was noted that currently about 5.7 crore workers are registered with the Building and Construction Workers Welfare Boards of various States and Union Territories across the country, as on June 30, 2024. A cumulative cess of about Rs 1.15 lakh crore has been collected by the Boards, out of which more than Rs 66,000 crore has been spent by the Boards for providing benefits to these workers under various welfare schemes.

The Ministry is also working in collaboration with State BoCW Welfare Boards to extend the benefits of various Central Government schemes to BoCW workers using BoCW cess funds. As a result, Ayushman cards have been sanctioned for health benefits for 1.3 crore BoCW workers under the Pradhan Mantri Jan Arogya Yojana (PM-JAY) scheme.

More than 85000 workers have been covered with insurance under the Pradhan Mantri Jeevan Jyoti Bima Yojana (PM-JJBY) scheme, and another 1.24 lakh workers have been covered for protection against disability under the Pradhan Mantri Suraksha Bima Yojana (PM-SBY) scheme. Several states including Uttar Pradesh, Assam and Madhya Pradesh have constructed schools for the children of BoCW workers through cess funds.

Other States were also urged to take up similar initiatives. States and Union Territories were also requested to expedite the integration of BoC workers data with the Ministry’s e-Shram portal to enable access to various schemes as a one-stop solution for unorganised sector workers.

The preparedness of States/UTs with regard to harmonisation and finalisation of draft rules under the four Labour Codes was also reviewed during the meeting, which is a follow-up to a similar meeting held on June 20, 2024. The Ministry highlighted the gaps and variations in the draft rules of States and Union Territories. States were requested to streamline their rules with the draft Central rules to ensure uniformity across the country. States/UTs shared their views, suggestions and concerns during the meeting, which were duly clarified.

Secretary, Ministry of Labour and Personnel informed the participants that collaboration between States, Union Territories and Central Government will be further strengthened towards labour reforms. Towards this, the ministry will hold six regional meetings with states and union territories at various locations in the next two months. (ANI)

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By sending a letter, it has been asked to complete it soon. So that those who want to claim more pension on the basis of higher salary, they can avail the benefit of this option. The ministry has also asked EPFO ​​to clarify the process for submission of joint option for those retiring after September 1, 2014 and members of the existing Employees’ Pension Scheme (EPS) .

According to a report in The Hindu, the letter was sent by the Ministry of Labor last week. According to the official, we expect EPFO ​​to issue a circular with procedures in this week. The ministry has also asked the EPFO ​​to be clear about the process for existing EPS subscribers retiring before and after September 1, 2014.

The opposition had raised the currency in the Parliament

Even during the budget session of the Parliament, the issue of delay in issuing the circular was raised in both the Houses. CPI(M) MP John Brittas had recently written to Union Labor Minister Bhupendra Yadav, requesting his intervention to expedite the process. Opposition MPs questioned EPFO’s notice to several pensioners who retired before September 1, 2014, that their pension would be stopped if they did not submit details of their joint options submitted to EPFO.

Change orders were given

In a recent circular of EPFO, its regional offices were asked to revise the pension entitlement and recover the amount if any one has received pension without exercising any option under paragraph 11(3) of the EPS. The official said that the new circular will address all the issues related to the Supreme Court order.

The post EPF Pension: Labor Ministry’s order to EPFO, circular will have to be brought soon on high pension first appeared on Rightsofemployees.com.