New Delhi New Delhi, The Staff Provident Fund Group (EPFO) stated on Thursday that greater than 5 crore claims had been settled in FY 2024-25 to this point. That is the most important selection of claims handled through a central authority company. The EPFO stated, “5.08 crore claims have been settled in FY 2024-25 and a complete of Rs 2.05 lakh crore used to be paid. Within the final monetary yr, 4.45 crore claims have been settled and Rs 1.82 lakh crore used to be paid. “
The cause of the EPFO disposal of file claims within the present monetary yr is the implementation of reforms and simplification of the method. The restrict and class of automatic declare agreement has been greater through the EPFO. Automatic declare agreement is paid inside of 3 days. On this monetary yr, the selection of such claims has doubled to one.87 crore, whilst within the monetary yr 2023-24 it used to be 89.52 lakhs. Except this, the EPFO has given the power of self -improvement within the profile to the contributors. Provident Fund (PF) switch procedure has additionally been made more straightforward and now calls for much less approval from employers.
By means of simplifying the PF switch procedure, now 48 p.c of the claims are despatched at once to EPFOs with out the approval of the employer. 44 p.c of PF switch are being performed thru automatic techniques. Most effective 8 p.c of circumstances require the permission of the employer. EPFO is facilitating contributors of self -improvement in profiles; 97.18 p.c connections are being sanctioned through the member. Just one p.c of circumstances require the permission of the employer. Most effective 0.4 p.c of circumstances require approval of EPFO officers. In step with the EPFO, there was an enormous decline in rejected claims and simplest 0.21 p.c claims are being rejected.
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