EPFO is about to reinforce the auto settlement restrict for advance claims from Rs 1 lakh to Rs 5 lakh, pending last approval from the Central Board of Trustees (CBT), benefiting 7.5 crore members.
The auto-mode declare settlement, launched in April 2020 for sickness, now covers schooling, marriage, and housing, with claims processed inside three days.
Within the present monetary 12 months, EPFO has settled a file 2.16 crore auto-claims as of sixth March 2025, up from 89.52 lakh in 2023-24. The rejection price dropped to 30% from 50% final 12 months, whereas validation formalities have been decreased from 27 to 18, with plans to chop them to 6.
The method is now IT-driven, eliminating human intervention and lowering declare settlement time from 10 days to 3-4 days.
EPFO may also introduce UPI-based PF withdrawals by Could or June 2025, doubtlessly benefiting different schemes just like the Basic Provident Fund (GPF) and Public Provident Fund (PPF).
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