EPFO Auto Claim 2024: There is good news for the employee account holders of the Employees Provident Fund Organization. EPFO has provided major relief to its 27.74 crore account holders. EPFO has expanded the scope of auto claim settlement facility for housing, marriage and education, with this the money will come into the account of EPFO members in 3 to 4 days of making the claim. The limit for auto claim settlement has also been increased from Rs 50,000 to Rs 1,00,000.
KYC, eligibility and bank verification required
In fact, to ease the living of crores of its members, EPFO has now started auto-mode settlement of advance amount claims for education, marriage and housing purposes, under this, the claims are processed through IT system without any human intervention. Processed or processed automatically by. Any claim with KYC, eligibility and bank verification is processed for payment automatically by the IT tool.
Auto mode of claim settlement was introduced in April, 2020 for the purpose of advance amount for illness. Now its limit has been increased to Rs 1,00,000/-. During the current year, approximately 2.25 crore members are expected to avail this facility, thereby reducing the claim settlement period for advances from 10 days to 3-4 days. Claims that are not valid are not returned or rejected by the system. After this they are sent for second level checking and approval.
Money reached account in 3 days
EPFO informed that Anirudh Prasad had applied for sick advance amount under section 68J on 9 May 2024, his advance amount claim was settled within 03 days on 11 May for an amount of Rs 92,143/- . Thus, during the financial year 2023-24 also, about 4.45 crore claims were settled, out of which more than 60 percent (2.84 crore) claims were advance claims. Out of the total advance claims settled during the year, about 89.52 lakh claims were settled using auto-mode.
Now you will get Rs 1 lakh instead of Rs 50 thousand
To facilitate ‘Ease of Living’, Auto Claim Settlement is now extended to all claims under Section 68K (for the purpose of education and marriage) and 68B (for the purpose of housing) of the EPF Scheme, 1952 . Additionally, its limit has been doubled from Rs 50,000/- to Rs 1,00,000/-. This move is expected to benefit lakhs of EPFO members.
