Blitz Bureau
NEW DELHI:The EPFO on April 1 entered into agreements with 15 additional banks, both in the public and private sector, to enable direct payment of nearly Rs 12,000 crore in annual collections and provide direct access to employers who maintain their accounts with these banks, to pay their monthly contributions.
The EPFO has already empanelled 17 banks, and with the addition of these 15 banks, the total number has gone up to 32 banks, according to an IANS report. The agreements with the banks were signed in the presence of Union Labour & Employment Minister Mansukh Mandaviya, and Union Minister of State for Labour & Employment, and MSMEs Shobha Karandlaje.
Mandaviya said that with nearly eight crore active members and more than 78 lakh pensioners, the EPFO provides benefits that ensure social security for millions. He expressed happiness that the EPFO is offering an interest rate of 8.25 per cent to its beneficiaries. The participation of banks in service delivery would further enhance the efficiency of the EFPO and improve good governance, he added.
He further stated that in the financial year 2024-25, EPFO settled a record of over six crore claims, which is a 35 per cent increase compared to the 4.45 crore claims settled in the previous year.
