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To improve the convenience of life of its millions of members, the Employees’ Provident Fund Organization (EPFO) has introduced automatic mode settlement of advance claims for education, marriage and housing.
The superannuation fund body has announced the extension of motor claims settlement for all claims under paragraph 68K by including education and marriage purposes, and 68B (housing purposes) of the EPF Scheme, 1952.
EPFO Car Claim Settlement
The EPFO has introduced an automated claims solution wherein claims are automatically processed by an IT system without any human intervention.
He further stated that the limit has been doubled from Rs 50,000 earlier to Rs 100,000. This move is expected to benefit billions of EPFO members.
Expanding and improving the scope of auto claims for housing, marriage and education purposes will directly help many members avail their funds in the shortest possible time, which will substantially help them to promptly complete their studies. , marriage or housing. requirements.
Claim Settlement
EPFO has settled claims of 4.45 crore during 2023-24, of which 2.84 crore were advance claims (for withdrawal of funds).
According to a statement, during the financial year 2023-24, the EPFO settled around 4.45 crore, of which more than 60 per cent (2.84 crore) were advance claims (for withdrawal of funds for reasons such as illness, marriage, education). .
Of the total advance claims settled during the year, around 89.52 lakh claims were settled through automatic mode.
The entire automatic settlement process is driven by an IT system, eliminating human intervention.
As a result, the periodicity of claim settlement is significantly reduced from 10 days to 3-4 days for such advances.
Claims that are not validated by the system are not returned or rejected. They are also held for a second level of scrutiny and approvals.
It was introduced on May 6, 2024 across the country and since then the EPFO has approved 13,011 cases worth Rs 45.95 crore in this initiative providing quick service.
The automatic claim settlement mode was introduced in April 2020 to help people submit sickness claims in advance. The limit for this claim has been increased to Rs 1,00,000.
During the current year, around 2.25 million members are expected to reap the benefits of this facility.
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Citing an example, the Labor Ministry stated that Anirudh Prasad had applied for sickness advance under paragraph 68J (of the scheme) on May 9, 2024 and his advance application was settled on May 11, 2024 for Rs 92,143 in a period of three days.
There are many stories like that of Anirudh Prasad in EPFO, he said.
first published: May 15, 2024, 09:54 IST
