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The Employees' Provident Fund Organisation (EPFO) has expanded its auto-claim settlement solution to include advance claims for education, marriage, and housing. This move is aimed at enhancing the ease of living for its crores of members.
Previously, the auto-claim solution was available only for claims related to illness under para 68J of the EPF Scheme, 1952. With this expansion, members can now avail auto-settlement for claims under para 68K (education and marriage) and para 68B (housing).
In addition to the expansion of scope, the EPFO has also doubled the auto-claim limit from Rs 50,000 to Rs 1,00,000. This enhancement is expected to benefit a larger number of EPFO members.
The auto-claim settlement process is entirely IT system-driven, eliminating human intervention. This streamlines the process and significantly reduces the periodicity of claim settlement from 10 days to 3-4 days for such advances.
During the financial year 2023-24, the EPFO settled around 4.45 crore claims, of which more than 60 per cent (2.84 crore) claims were advance claims. Of the total advance claims settled, about 89.52 lakh claims were settled using auto-mode.
The EPFO has settled 4.45 crore claims during 2023-24, with 2.84 crore of these being advance claims (for withdrawal of funds).
The expansion of the scope of the auto claims to housing, marriage and education purposes as well as enhancement will directly help many members to avail their funds within the shortest possible duration, which will substantially aid them in promptly meeting their education, marriage, or housing requirements.
Source: EPFO Expands Auto Claim Settlement, Now Get Advance For 3 More Needs, Check Details Here