EPFO settles 4.45 cr claims during FY24

2.84 cr of these were advance claims

NEW DELHI: Retirement fund body EPFO has settled 4.45 crore claims during 2023-24, with 2.84 crore of these being advance claims (for withdrawal of funds). To facilitate 'ease of living', the auto claim solution has been extended for all claims under para 68K —education & marriage purpose —and 68B — housing purpose — of EPF Scheme, 1952, a labour ministry statement said.

In addition, it stated that the limit has been doubled from earlier Rs 50,000 to Rs 1,00,000. This move is expected to benefit lakhs of EPFO (Employees' Provident Fund Organisation) members.

According to the statement, during the financial year 202324, the EPFO settled around 4.45 crore claims, of which more than 60 per cent (2.84 crore) claims were advance claims (for withdrawal of funds on grounds like illness, marriage, education).

Of total advance claims settled during the year, about 89.52 lakh claims were settled using auto-mode. The entire process in auto-settlement is IT system driven, eliminating human intervention. As a result, the periodicity of claim settlement is reduced significantly from 10 days to 3-4 days for such advances. The claim that are not validated by system are not returned or rejected. They are further undertaken for second level of scrutiny and approvals. For enhancing ease of living for its crores of members, the EPFO has introduced auto-mode settlement of advance claims for the purpose of education and marriage and housing.