The Employees' Provident Fund Organisation (EPFO) has accelerated its claim settlement process. As of March 6 in the current financial year, EPFO processed 2.15 crore claims through its automated system. This figure is over double the claims settled last year, which amounted to 89.52 lakh, according to the Center’s statement in Parliament.
Auto-Processing for Faster Settlements
Union Minister of State for Labour, Shobha Karandlaje, stated that nearly 60% of EPF withdrawal claims are now being processed automatically. The payment limit for this automated process has been raised to ₹1 lakh. The automation covers claims related to:
- Medical expenses
- House construction
- Education
- Marriage
With this system, claims are now resolved within three days, ensuring faster access to funds for EPF members.
Simplified Error Correction Process
The minister also pointed out that the process for rectification of member details in EPFO records has been streamlined. Members with Aadhaar linked to UAN can now rectify errors themselves, without the intervention of EPFO in a majority of instances.
She added that:
- 96% of data errors are cleared without EPFO intervention.
- 99% of claims are settled online.
- As of March 6, 7.14 crore claims have been submitted online during the current financial year.
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