EPFO claims: The Employees’ Provident Fund Organisation introduced an auto claim settlement system for training, marriage, and housing on Monday. As per an ET report, EPFO claims for these functions shall be processed mechanically by the IT system, benefiting over 60 million subscribers.
Initially launched in April 2020 for sickness-associated advances, EPFO has acknowledged that the auto mode of claim settlement has now been prolonged to cover all claims below para 68K (training and marriage) and 68B (housing) of the EPF Scheme, 1952.Additionally, EPFO has elevated the restrict for sickness-associated claims from Rs 50,000 to Rs 1,00,000.
EPFO mentioned in an announcement, “The expansion of the scope of the auto claims to the 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.”
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EPFO expects about 22.5 million members to profit from this facility this yr. During the fiscal yr 2023-24, EPFO settled roughly 44.5 million claims. Of these, over 60%, or 28.4 million claims, have been advance claims. Among the full advance claims settled, round 8.95 million claims have been processed utilizing the auto mode.
Under the auto settlement coverage, claims assembly KYC, eligibility, and financial institution validation standards are processed mechanically by IT instruments for cost. This considerably reduces the time taken for claim settlement, from 10 days to inside three to 4 days for such advances.
Claims not validated by the system do not get returned or rejected. Instead, they endure a second stage of scrutiny and approval.
EPFO launched the prolonged auto-claim facility throughout India on May 6, 2024. Since then, the retirement fund physique has authorized 13,011 instances totaling Rs 45.95 crore.
Initially launched in April 2020 for sickness-associated advances, EPFO has acknowledged that the auto mode of claim settlement has now been prolonged to cover all claims below para 68K (training and marriage) and 68B (housing) of the EPF Scheme, 1952.Additionally, EPFO has elevated the restrict for sickness-associated claims from Rs 50,000 to Rs 1,00,000.
EPFO mentioned in an announcement, “The expansion of the scope of the auto claims to the 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.”
ALSO READ |Investing in a Post Office Savings Scheme? Make certain PAN-Aadhaar details match – right here’s why it’s essential
EPFO expects about 22.5 million members to profit from this facility this yr. During the fiscal yr 2023-24, EPFO settled roughly 44.5 million claims. Of these, over 60%, or 28.4 million claims, have been advance claims. Among the full advance claims settled, round 8.95 million claims have been processed utilizing the auto mode.
Under the auto settlement coverage, claims assembly KYC, eligibility, and financial institution validation standards are processed mechanically by IT instruments for cost. This considerably reduces the time taken for claim settlement, from 10 days to inside three to 4 days for such advances.
Claims not validated by the system do not get returned or rejected. Instead, they endure a second stage of scrutiny and approval.
EPFO launched the prolonged auto-claim facility throughout India on May 6, 2024. Since then, the retirement fund physique has authorized 13,011 instances totaling Rs 45.95 crore.
