EPFO Auto Claim Settlement has been given as a gift by EPFO to crores of users of the country. Now it will take less time to settle the claim in EPFO. To speed up claim settlement, EPFO has also increased the scope of Auto Claim Settlement. Apart from this, auto claim solution has been launched for study, marriage and housing claims.
EPF Claim Settlement: Employees Provident Fund Organization (EPFO) gave a gift to its users. Let us tell you that EPFO Scheme was started in the year 1952. This scheme was initially for government employees but later it was started for private employees also.
In this scheme, a fixed amount is deposited in the PF Fund every month by the employee and the company. Interest is given by the government in this fund. This scheme is a retirement scheme. After retirement, the employee gets the benefit of huge fund and monthly pension.
Now EPFO has increased the scope of Auto Claim Settlement to provide convenience to its users. This means that now the claim for house construction, marriage or education will be settled quickly.
EPFO has increased the limit for auto claim settlement from Rs 50,000 to Rs 1 lakh. News agency IANS said that this information has been given by the Labor Ministry.
EPFO has launched Auto Claim Solution for this. In this, the claim will be settled through IT system. EPFO said that in the last financial year they have settled 4.5 crore claims.
Of these, more than 60 percent of the claims were for advance claims. Let us tell you that the auto mode facility for advance claim settlement for the treatment of disease was started from April 2020 itself.
In this situation the claim will be settled quickly
In the last financial year, there were approximately 89.52 lakh claims which were settled under auto-mode. Auto claim facility has also been started for para 68K (for education and marriage) and 68B (housing) of EPF Scheme 1952.
Whereas earlier it used to take time to settle claims, this will not happen now. Actually, there will be no human intervention in auto settlement, due to which the claim will be settled quickly. Auto claim settle will be operated by IT system.
Even KYC, eligibility and bank validation will be processed automatically through IT tools. It is being said by the Ministry that earlier it used to take 10 days for claim settlement, now it will be completed in 3 to 4 days.
Will the claim still be rejected or returned?
The ministry said that if any claim settlement is not done through the IT system, it will not be rejected or returned. If the claim is not settled through the IT system, it will be settled through second level scrutiny and approval.
After the auto claim is made, now the claims made for housing, marriage or education will be settled in less time so that EPFO members get the funds as soon as possible.
