New Delhi:
The Employees Provident Fund Organization (EPFO) said on Thursday that more than 5 crore claims have been settled in FY 2024-25 so far. This is the biggest figure of claims settled by the government agency so far.
According to the EPFO, 5.08 crore claims have been settled in FY 2024-25. Under this, a total of Rs 2.05 lakh crore has been paid. A total of 4.45 crore claims were disposed of in FY 2023-24 and a total amount of more than Rs 1.82 lakh crore was paid.
The reason for the EPFO to settle the record claims in the current financial year is to implement improvement and make the process easier. The automatic claim disposal limit and category have been increased by the EPFO. Payment under automatic claim settlement is made within three days. In this financial year, the number of such claims has doubled to 1.87 crore, which was 89.52 lakhs in FY 2023-24.
Apart from this, members have been provided with profile self correction. At the same time, Provident Fund (PF) transfer has been made easier and now it requires less requirement of employer’s approval.
By simplifying the PF transfer process, 48 percent of the claims are now sent directly to the EPFO without the approval of the employer. At the same time, 44 percent PF transfer is being done by automatic system. Only 8 percent of cases require employers.
97.18 percent connections are being approved by the members by the EPFO by providing profile self -correction facilities to the members. Only one percent of cases require employers. Only 0.4 percent of cases require the approval of EPFO officials. According to the EPFO, the claims to be rejected have seen a huge decline and only 0.21 percent of the claims are being rejected.