EPFO Targets Same-Day Claim Settlement After Clearing Backlog

Krishnamurthy also announced a plan to enable provident fund claim settlement through the BHIM app, using UPI-linked bank accounts. The framework should be rolled out within about a month, he said. “As our Minister has said, the claim settlement process we will be introducing through the BHIM app and the claim will be settled through the UPI-linked bank account. So this framework will also get implemented in maybe a maximum a month,” he said.

On the question of bringing gig and platform workers under social security, Krishnamurthy said the Code on Social Security allows the government to create a dedicated scheme. The implementing agency will be announced when the scheme is notified, he said. That agency could be EPFO or another entity the government decides.

Asked whether the EPF interest rate could rise above the current 8.25%, Krishnamurthy called it too early to comment. He noted that the EPFO credited 34 crore member accounts with interest worth about ₹1.44 lakh crore on July 3. “In a single shot, over 34 crore member accounts were credited as on July 3 and we transferred nearly Rs 1.44 lakh crore as interest at the rate of 8.25 per cent. I think that is a huge thing,” he said.

The backlog clearance and faster settlement times mark a significant operational improvement for the EPFO, which has faced criticism for delays in the past. The agency's moves align with the government's push for digital financial inclusion and ease of compliance. The next milestone will be the BHIM app integration and the gig worker scheme notification, both of which lack a firm date beyond the one-month window for the app rollout.