Claim Settlement Current Affairs for UPSC

The Government of India is working on a new contributory pension scheme under the EPFO 3.0 reform programme to extend retirement security to unorganised and formal sector workers currently left out of the Employees' Pension Scheme (EPS). The scheme proposes a Target Retirement Sum (TRS) that converts accumulated savings into a pension at age 60, with options of an annuity or a systematic withdrawal plan. This article explains the proposed scheme, the TRS concept, the existing EPFO and EPS-95 framework, the defined contribution model, the Code on Social Security 2020, comparisons with NPS and PM-SYM, the Singapore model, and key data for UPSC Prelims and Mains.

The Reserve Bank of India has introduced the concept of Specified Non-Financial Assets (SNFA) — immovable properties that banks acquire when borrowers default — through amendments to its Resolution of Stressed Assets Directions, 2025. The new framework bars banks, small finance banks, and NBFCs from selling such assets back to the defaulting borrower or its related parties, mandates disposal primarily through public auctions on SARFAESI Act principles, and prescribes conservative valuation norms. This article explains what SNFAs are, the full framework of acquisition, valuation, and disposal, the NPA and SARFAESI background, the statutory basis in the Banking Regulation Act, and why these norms matter — from the UPSC Prelims and Mains perspective.

The Employees’ Provident Fund Organisation has completed a major database consolidation and software upgrade under CITES 2.01, aimed at centralising EPFO’s member database, automating interest credit, reducing claim-settlement delays and enabling members to access services across EPFO offices. The reform is important for UPSC because it links digital governance, formal-sector social security, labour welfare, database integration, portability of benefits and citizen-centric service delivery.