EPFO extends ease of living, reduces service delivery time for claim settlement
The EPFO has initiated auto-mode resolution of advance claims for education
EPFO extends limit for auto-mode of claim settlement
EPFO launches auto claim settlement for education, marriage and housing.
Sri Aniruddha Prasad had applied in advance for the disease under para 68J. His advance claim of Rs 92,143/- on 11.05.2024 was settled within 03 days. The EPFO has many stories like That of Shri Aniruddha Prasad.
The EPFO has initiated auto-mode resolution of advance claims for education and marriage and housing purposes to ease the living conditions of its crores of members. THE EPFO has introduced an auto claim solution where claims are automatically processed by the IT system without any human intervention.
The Auto Mode of Claim Settlement was launched in April 2020 with an advance aim for illness. Now this limit has been increased to Rs 1,00,000/-. Around 2.25 crore members are expected to get the benefit of the facility this year.
In the financial year 2023-24, the EPFO settled about 4.45 crore claims, of which more than 60% (2.84 crore) were advance claims. Out of the total advance claims settled during the year, about 89.52 lakh claims were settled using auto-mode.
In order to facilitate ‘ease of living’, auto claim settlement has been extended for all claims under para 68K (educational and marriage purpose) and 68B (housing purpose) of the EPF scheme, 1952. In addition, this limit has been doubled to Rs 1,00,000/- from rs 50,00/- earlier. The move is expected to benefit lakhs of EPFO members.
In auto-settlement, the entire process is governed by the IT system, which eliminates human interference. Any claim, including KYC, eligibility and bank validity, is automatically processed for payment by the IT tool. As a result, the duration of claim settlement for such progress is significantly reduced from 10 days to 3-4 days. Claims that are not valid by the system are not returned or rejected. They are even further, UN.
With this initiative launched across India on May 6, 2024, the EPFO has approved 13,011 cases for Rs 45.95 crore.
