The Employees’ Provident Fund Organisation (EPFO) has processed a record 50.8 million claims in the current financial year so far, which is 14.1% more than 44.5 million claims settled in FY24, an official release said.
You still need EPF, NPS, insurance
In FY25 so far, the claims processes are for a sum of more than Rs. 2.05 lakh crore, surpassing the claims worth Rs. 1.82 lakh crore settled in the FY24. “This achievement was made possible due to a series of transformative reforms initiated by EPFO aimed at enhancing claim settlement processes and reducing grievances among members,” said the release.
The auto-claim settlement–payment credited to member accounts within three days–doubled to 18.7 million claims in the current financial year, compared to 8.95 million auto claims processed during the entire FY24.
Additionally, the self-correction of member profiles was enabled recently by EPFO, which led to 97.18% of member profile corrections being self-approved.
The rejection cases have dropped to 1.11% by the employer and 0.21% by the regional office, reflecting the effectiveness of the streamlined processes and reduced procedural bottlenecks in claim settlements, said the release.
ALSO READTax sops may make selling life, health policies tough
Moreover, the simplification of the PF transfer claim submission process by removing employer approval in most cases has streamlined the workflow significantly, it said.
About 48% of claims are submitted directly by members to EPFO without employer intervention, while 44% of transfer requests are generated automatically by the system itself, the release said. Only 8% of transfer claims now require employer verification before submission to EPFO.
» Read More
