New Delhi, Retirement fund body EPFO has settled 4.45 crore claims during 2023-24, of which 2.84 crore are advance claims (for withdrawal of funds).
To facilitate 'ease of living', auto claim resolution extended to all claims under para 68K - education and marriage purpose - and 68B - housing purpose - of the EPF Scheme, 1952, a Labor Ministry statement said. Is.
Furthermore, it said that the limit has been doubled to Rs 1,00,000 from the earlier Rs 50,000. The move is expected to benefit lakhs of EPFO (Employees' Provident Fund Organization) members.
According to the statement, during the financial year 2023-24, EPFO settled about 4.45 crore claims, of which more than 60 per cent (2.84 crore) of the claims were advance claims (withdrawal of funds on grounds such as illness, marriage education).Out of the total advance claims settled during the year, approximately 89.52 lakh claims were settled using auto-mode.
The entire process in auto-settlement is IT system driven, eliminating human intervention.
As a result, the periodicity of claim settlement for such advances reduces from 10 days to 3-4 days.
Claims that are not validated by the system are not returned or rejected. Further work is done for second level scrutiny and approval.The expansion of the scope of auto claims for housing, marriage and education purposes as well as increase will directly help many members in availing their wealth within the shortest possible period, which will enable them to fund their education, marriage, etc. Will help a lot in quick completion. Housing Requirements.
Launched across the country on May 6, 2024, and since then EPFO has approved 13,011 cases worth Rs 45.95 crore under this speedy service delivery initiative.
To make living easier for crores of its members, EPFO has introduced auto-mode settlement of advance claims for the purposes of education, marriage and housing.
EPFO has introduced an auto claim solution in which claims are processed automatically by the IT system without any human intervention.
Auto mode of claim settlement was introduced in April 2020 to assist people in advance sickness claims.The limit for this claim has been increased to R 1,00,000.
During the current year, about 2.25 crore members are expected to benefit from this facility.
Citing an example, the ministry said Anirudh Prasad had applied for sickness advance under para 68J (of the scheme) on May 9, 2024 and his advance claim was processed within three days on May 11, 2024. Was fixed at Rs 92,143.
It claimed that there are many stories like Anirudh Prasad in EPFO.
To facilitate 'ease of living', auto claim resolution extended to all claims under para 68K - education and marriage purpose - and 68B - housing purpose - of the EPF Scheme, 1952, a Labor Ministry statement said. Is.
Furthermore, it said that the limit has been doubled to Rs 1,00,000 from the earlier Rs 50,000. The move is expected to benefit lakhs of EPFO (Employees' Provident Fund Organization) members.
According to the statement, during the financial year 2023-24, EPFO settled about 4.45 crore claims, of which more than 60 per cent (2.84 crore) of the claims were advance claims (withdrawal of funds on grounds such as illness, marriage education).Out of the total advance claims settled during the year, approximately 89.52 lakh claims were settled using auto-mode.
The entire process in auto-settlement is IT system driven, eliminating human intervention.
As a result, the periodicity of claim settlement for such advances reduces from 10 days to 3-4 days.
Claims that are not validated by the system are not returned or rejected. Further work is done for second level scrutiny and approval.The expansion of the scope of auto claims for housing, marriage and education purposes as well as increase will directly help many members in availing their wealth within the shortest possible period, which will enable them to fund their education, marriage, etc. Will help a lot in quick completion. Housing Requirements.
Launched across the country on May 6, 2024, and since then EPFO has approved 13,011 cases worth Rs 45.95 crore under this speedy service delivery initiative.
To make living easier for crores of its members, EPFO has introduced auto-mode settlement of advance claims for the purposes of education, marriage and housing.
EPFO has introduced an auto claim solution in which claims are processed automatically by the IT system without any human intervention.
Auto mode of claim settlement was introduced in April 2020 to assist people in advance sickness claims.The limit for this claim has been increased to R 1,00,000.
During the current year, about 2.25 crore members are expected to benefit from this facility.
Citing an example, the ministry said Anirudh Prasad had applied for sickness advance under para 68J (of the scheme) on May 9, 2024 and his advance claim was processed within three days on May 11, 2024. Was fixed at Rs 92,143.
It claimed that there are many stories like Anirudh Prasad in EPFO.
