EPFO’s 113th executive committee meeting reviews key digital and pension reforms

Srinagar, March 29: The 113th meeting of the Executive Committee (EC) of the Central Board of Trustees (CBT), Employees' Provident Fund Organization (EPFO), was held in Srinagar, in which key digital and pension reforms were discussed.

The meeting, chaired by Sumita Dawra, Secretary, Ministry of Labour and Employment, was attended by Ramesh Krishnamurthi, Central Provident Fund Commissioner, along with senior officials from the ministry, EPFO, and representatives of employers and employees.

The committee reviewed multiple initiatives aimed at streamlining EPFO’s processes and enhancing service delivery. 

The key discussions, as per a handout, focused on seamless PF Claim Settlement via UPI. EPFO’s efforts to integrate the Unified Payments Interface (UPI) for instant claim settlements were highlighted during the meeting. 

The system, being developed in partnership with CDAC, SBI, and NPCI, is set to improve transaction efficiency and is aligned with EPFO’s IT modernization project, CITES 2.01, the meeting was told.

The proposal to raise the automatic claim settlement limit to ₹5 lakh was welcomed, aiming to ease financial transactions for EPF subscribers, read the handout.

EPFO updated the committee on its hardware upgrades and centralized database consolidation. Modules such as User Management, Centralized Payments, and Re-engineered ECR are undergoing testing, with full deployment expected in two months.

The committee acknowledged a 22.8% increase in processed applications and a 29.5% rise in demand letters issued, demonstrating substantial progress in compliance with Supreme Court directives.

Chairperson Sumita Dawra emphasized the importance of public awareness campaigns through print, electronic, and social media to highlight EPFO’s governance reforms. The committee also discussed a strategic roadmap for transforming EPFO into a technology-driven, member-centric organization in the near future.