look news india
To ease the lives of crores of its members, EPFO has introduced auto mode for advance claim settlement for education, marriage and home purchase. EPFO has launched Auto Claim Solution, where claims will be settled automatically through IT system without any human intervention. The auto mode facility for settlement of advance claim taken for the treatment of illness was introduced in April 2020.
13011 applications received for claim of Rs 45.95 crore
It is believed that 2.25 crore people can avail this facility in the current year. EPFO started this service across the country on May 6, 2024 and till now EPFO has approved prompt payment of Rs 45.95 crore in 13,011 cases.
Auto advance facility for education, marriage and housing
EPFO settled 4.45 crore claims in FY 2023-24, of which 2.84 crore or 60 per cent of the claims were advance claims. Of the advance claims settled during the financial year, 89.52 lakh were claims that were settled under auto-mode. Auto claim facility under EPF Scheme 1952 has also been extended to para 68K (for education and marriage) and 68B (housing) to provide ease of living facility. The amount under auto claim mode has been increased from Rs 50,000 to Rs 1 lakh, which will benefit lakhs of EPFO members.
disposal without human intervention
This process of auto settlement will be done by the IT system and will not require human intervention. Claims made through KYC, eligibility and bank verification will be processed automatically through IT tools. Due to this facility, the time taken for advance claim settlement will reduce from 10 days to 3 to 4 days. If any claim for advance is not settled through the IT system, it will not be refunded or rejected. Instead, claims will be settled through verification and approval at another level. The extension of auto-mode settlement facility will help members to get funds in less time due to auto claim facility for housing, marriage or education.