EPFO settles record 5-crore claims worth over Rs 2 lakh crore in FY25

Labour Minister Mansukh Mandaviya connected Thursday said status money assemblage EPFO has achieved a historical milestone by crossing the 5-crore claims colony people successful a fiscal successful 2024-25.

In the ongoing FY25, the Employees' Provident Fund Organisation (EPFO) has processed implicit 5.08 crore claims amounting to Rs 2,05,932.49 crore, surpassing the 4.45 crore claims worthy Rs 1,82,838.28 crore settled successful preceding fiscal 2023-24, according to a labour ministry statement.

Mandaviya highlighted that this singular accomplishment has been made imaginable owed to a bid of transformative reforms initiated by EPFO to heighten assertion colony processes and trim grievances among members.

"We person implemented cardinal measures, including an summation successful the ceiling and categories of auto-settled claims, simplified subordinate illustration changes, streamlined PF transfers, and improved KYC compliance ratios. These reforms person importantly improved the ratio of EPFO," helium stated.

A large enabler for faster assertion processing has been the auto-claim colony mechanism, ensuring that claims are settled wrong 3 days of submission.

Mandaviya noted that the interaction of this betterment is evident, with car assertion settlements doubling to 1.87 crore claims successful the existent fiscal year, compared to 89.52 lakh car claims processed during the full FY24.

Similarly, reforms successful the PF transportation assertion submission process person streamlined the workflow significantly. Since the instauration of a simplified transportation assertion application, lone 8 per cent of transportation claims present necessitate subordinate and leader attestation.

Notably, 48 per cent of claims are submitted straight by members without leader intervention, portion 44 per cent of transportation requests are generated automatically.

Mandaviya further emphasised the interaction of subordinate illustration correction reforms.

"Since the instauration of the simplified procedure, astir 97.18 per cent of subordinate illustration corrections person been self-approved by members, with lone 1 per cent requiring leader approval, and bureau involution has been reduced to conscionable 0.4 per cent.

"Further, the rejection cases person dropped to 1.11 per cent by the leader and 0.21 per cent by the determination office, reflecting the effectiveness of the streamlined processes and reduced procedural bottlenecks successful assertion settlements", the Union Minister stated.

Reaffirming the government's committedness to enhancing easiness of entree for EPFO members, Mandaviya underscored that the organisation volition proceed to leverage exertion and process simplification to guarantee a seamless and businesslike work experience.

"These reforms person not lone accelerated the assertion colony process but person besides contributed to minimising subordinate grievances, further strengthening spot successful EPFO," helium added.