EPFO Simplifies Claim Settlement Process
Analysis based on 8 articles · First reported Apr 03, 2025 · Last updated Apr 04, 2025
The reforms by India — Employees Provident Fund Organisation are expected to positively impact the financial markets by improving the efficiency of provident fund withdrawals for millions of members in India, potentially increasing consumer confidence and liquidity. The simplification of processes for employers also contributes to an improved 'Ease of Doing Business' environment, which can attract investment.
The India — Employees Provident Fund Organisation (EPFO) in India has introduced two significant reforms to streamline its claim settlement process. Firstly, it has eliminated the requirement for members to upload images of cheque leaves or attested bank passbooks when filing online claims, a move that will immediately benefit around 6 crore members by reducing rejections and grievances. Secondly, the EPFO has removed the need for employer approval after bank verification for seeding bank accounts with the Universal Account Number (UAN). This change will assist over 14.95 lakh members whose approvals were pending with employers, significantly reducing delays and workload. These reforms, announced by Mansukh Mandaviya and supported by the leadership of Narendra Modi, aim to enhance the 'Ease of Living' for EPF members and 'Ease of Doing Business' for employers in India.
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