In addition, the limit has been doubled from earlier Rs.
50,000 to Rs 1,00,000 for illness related claims,” EPFO said in a statement.“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,” EPFO said.According to EPFO, during the current year, around 22.5 million EPFO members are expected to reap the benefits of this facility.During the financial year 2023-24, EPFO settled around 44.5 million claims, out of which more than 60% or 28.4 million claims were advance claims.
Out of total advance claims settled during the year, around 8.95 million claims were settled using auto-mode.Under the auto settlement policy, any claim with know-your-customer ( KYC ), eligibility and bank validation is processed for payment by IT tools automatically.
As a result of this, the periodicity of claim settlement is reduced significantly from 10 days to within three-four days for such advances.However, the claims that are not validated by the system are not returned or rejected.
Instead, they undergo a second level of scrutiny and approvals.The extended auto-claim facility was introduced by EPFO on May 6, 2024 across India and since then the retirement fund body has approved 13,011 cases amounting to Rs 45.95 crore.
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The Employees’ Provident Fund Organisation , on Monday, said it has extended an auto claim solution for the purpose of education marriage and housing, wherein such claims will be processed automatically by IT system without any human intervention, a move aimed at enhancing ease of living for over 60 million of its subscribers Auto mode of claim settlement was first introduced in April, 2020 for the purpose of advance for illness “To facilitate ease of living, the auto claim solution has now been extended for all claims under para 68K (education and marriage purpose) and 68B (housing purpose) of EPF Scheme, 1952. In addition, the limit has been doubled from earlier Rs. 50,000 to Rs 1,00,000 for illness related claims,” EPFO said in a statement.“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,” EPFO said.According to EPFO, during the current year, around 22.5 million EPFO members are expected to reap the benefits of this facility.During the financial year 2023-24, EPFO settled around 44.5 million claims, out of which more than 60% or 28.4 million claims were advance claims. Out of total advance claims settled during the year, around 8.95 million claims were settled using auto-mode.Under the auto settlement policy, any claim with know-your-customer ( KYC ), eligibility and bank validation is processed for payment by IT tools automatically. As a result of this, the periodicity of claim settlement is reduced significantly from 10 days to within three-four days for such advances.However, the claims that are not validated by the system are not returned or rejected. Instead, they undergo a second level of scrutiny and approvals.The extended auto-claim facility was introduced by EPFO on May 6, 2024 across India and since then the retirement fund body has approved 13,011 cases amounting to Rs 45.95 crore.
