Speedy Solutions: EPFO's Auto Claim System Now Covers Education, Marriage, And Housing - All You Need To Know

???This system will now automatically process claims for various purposes, making the process more efficient for EPFO members.
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Speedy Solutions: EPFO's Auto Claim System Now Covers Education, Marriage, and Housing - All You Need To Know (Image Source: iStock)

The Employees' Provident Fund Organisation (EPFO) has extended its auto-claim solution to cover all claims related to education, marriage, and housing. This move of EPFO is aimed at aiding more than 60 million subscribers.

When Was This Scheme Launched?

This was initially introduced in 2020 for illness-related claims.

What Changed Now?

This system will now automatically process claims for various purposes, making the process more efficient for EPFO members.

How Many EPFO Members Are Expected To Be Benefited?

Around 2.25 crore members are expected to benefit from this facility in the current year.

Claim Limit

Moreover, the EPFO has doubled the limit for this facility from the earlier Rs 50,000 to Rs 1,00,000.

Claims Settled In FY23-24

In the financial year 2023-24, the EPFO settled approximately 4.45 crore claims.
Advance Claim Portion
Among the settled claims, over 60 percent of them are advance claims for reasons like illness, marriage, and education.
Portion Of Advance Claim Settlement Using Auto-Mode
Of these advance claims, about 89.52 lakh were settled using the auto-mode, which is entirely driven by the IT system, eliminating the need for human intervention.
Claim Settlement Time
This has significantly reduced the time taken for claim settlement from 10 days to 3-4 days for such advances.
What Happens When Your Claims Are Not Validated?
Claims that are not validated by the system are not returned or rejected outright. Instead, they undergo a second level of scrutiny and approvals.
How Will It Help Members?
Expanding the scope of auto claims to include housing, marriage, and education purposes, along with the enhancement of the limit, will enable many members to access their funds quickly. This will help them meet their education, marriage, or housing needs promptly.
End of Article
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