EPFO Claim Settlement: EPFO has issued a statement giving information about the figures of claims and payments made in lieu of them in the June quarter…
EPFO subscribers received payments worth thousands of crores of rupees in lieu of claims during the June quarter. EPFO figures show that there has been a 25 per cent increase in claim settlement during the first quarter of the current financial year i.e. April-June 2024.
More than 1.36 crore claims settled
EPFO has given information about these figures in a statement issued a day earlier. According to the statement of EPFO, in the first quarter of 2024-25, the Employees Provident Fund Organization settled 1 crore 36 lakh 68 thousand 13 claims of subscribers. This figure is 25.09 percent more than the first quarter of the financial year 2023-24, the same period a year ago. In the first quarter of the last financial year, EPFO had settled 1 crore 9 lakh 26 thousand 376 claims.
The figure has increased so much in terms of amount
Due to the speed in settlement of claims by EPFO, EPFO subscribers i.e. PF account holders have been able to get more money. In the first quarter of the current financial year, PF account holders have received payment of Rs 57,316.09 crore in lieu of more than 1.36 crore claims. A year ago this figure was Rs 45,820.69 crore. That is, in terms of amount, the payment has increased by 25.08 percent.
Withdrawal facility is available on these occasions
EPFO is the world’s largest social security organization, which manages the provident fund for crores of employees working in the private sector in India. PF account is the most important social security for EPFO subscribers. They get the facility to withdraw PF money on many occasions. For this reason, Covid Advance was started during the time of Covid. Subscribers can withdraw money from PF on occasions like job loss, children’s education, children’s marriage, building a house, getting the house repaired, buying a new house etc.
This is how you can check the reasons for rejection
The process of withdrawing money from PF has become largely automated and digital. EPFO says that if a subscriber’s claim is rejected, he is informed about it by sending an SMS to the registered mobile number. Also, a link is given in the SMS, by clicking on which the subscriber can know the reason for the claim being rejected.
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