Interest Credit In Passbooks Of EPFO Members By July 15

New Delhi: The Employees Provident Fund Organisation (EPFO) has begun the process of crediting the annual interest for FY 2025-26 at 8.25 per cent to nearly 34 crore member accounts, with more than Rs 1.44 lakh crore expected to be credited through its new automated processing system.

According to Minister of Labour and Employment Dr Mansukh Mandaviya. unlike previous years when subscribers often had to wait until October or November to see the interest reflected in their accounts after the rate was announced, members are expected to view the credit in their passbooks by July 15. The interest is being auto processed and verified by field authorities before being credited to accounts and this is the reason it is taking a little longer. From next year onwards, the system will be more robust, he added.

According to the Labour Ministry, the faster interest credit marks the first major outcome of EPFO's upgraded and centralized digital platform, which is set to be fully rolled out this week. The new member centric system replaces the earlier decentralized model, enabling services to be processed from any EPFO office across the country.

Through a unified member portal subscribers will be able to access their PF balance claim status and other services in one place, while automated eligibility checks are expected to reduce claim rejections by ensuring claims are filed in accordance with prescribed criteria, added ministry.

Completion of Database Migration

Mandaviya said before Centralised IT Enabled Services (CITES), EPFO had a decentralized architecture with separate databases at each field office. CITES has now enabled a single centralized architecture with one national database. EPFO has completed the process of migrating its entire database of member records to the new centralised database.

Earlier, the services were tied to a particular Regional Office. Now, a member's service request can be processed from any authorized location across the country, added the minister.

Regarding all EPFO services at one place minister further said that after login to the portal, members will have access to a unified digital interface to view their membership details, provident fund balances, claim status, pensionable service records and benefits availed, thereby ensuring transparency and access to information about their PF account and submission of claims. Earlier, members' information was not available on a unified portal and remained scattered across different systems.

Claim rejection to minimise

With the new website, members will also be able to know what is the eligible amount, which they can apply for withdrawal from their PF account under the different types of withdrawals permitted and can make informed choices. Earlier, members did not have clear visibility of the amount they were eligible to withdraw under different withdrawal categories. As a result, claims exceeding the permissible limit were often rejected.

Besides, claim payments will also be processed through a centralized payment architecture and routed through faster electronic payment channels, ensuring secure, efficient and timely credit of settlement amounts directly into member's bank accounts on the day of settlement.

Automatic transfer on job change

According to the Minister of Labour and Employment upon rejoining or taking up new employment, members will not be required to submit separate applications for the transfer of their Aadhaar linked UAN based member accounts having provident fund accumulations.

Transfer cases will be automatically initiated and settled. He added that earlier when members changed jobs, transferring their PF account required approvals from the previous employer, the new employer and the EPFO office. In addition, members had to submit a separate claim to transfer their service history.

Previously members could approach only the Regional PF Office with which their PF account was linked for queries and clarifications. With the implementation of the Centralised IT System, members can now seek assistance and clarifications from any PF Office across the country, added the Minister.

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