EPFO Claim Settlements: Provident Fund Claim Settlement: In 2024-25, EPFO has settled 5.08 crore claims worth Rs 2,05,932.49 crore, which is much more than the 4.45 crore settlements of Rs 1,82,838.28 crore in 2023-24.
EPFO Claim Settlements: EPFO (Employees Provident Fund Organisation) has created history in the matter of Provident Fund Claim Settlement. In the financial year 2024-25, the Employees Provident Fund Organization has settled more than 5 crore claims, which is a record. Labor and Employment Minister Mansukh Mandaviya has given this information.
Union Minister Mansukh Mandaviya said that the Employees Provident Fund Organization (EPFO) has achieved a historic milestone by settling more than 5 crore claims for the first time. In the financial year 2024-25, EPFO has settled 5.08 crore claims worth Rs 2,05,932.49 crore, which is much more than the 4.45 crore settlements of Rs 1,82,838.28 crore in the financial year 2023-24. The Labor Minister said, this achievement by EPFO has been possible due to the transformational reforms taken in the claim settlement process and redressal of grievances. Mansukh Mandaviya said, we have taken steps like increasing the limit and category of auto settlement claim, simplifying the change in member profile, streamlining the process of Provident Fund transfer and improving KYC compliance ratio. Due to these reforms, the efficiency of EPFO has improved significantly.
Highest Ever EPFO Claim Settlement in History! 🇮🇳
📌 5 crore+ claims settled in FY 2024-25.
💰 ₹2.05 lakh crore disbursed.
⚡ Auto-claim settlements doubled to 1.87 crore.
🔄 Seamless processes & reduced grievances.
Under the leadership of PM Shri @narendramodi Ji, EPFO… pic.twitter.com/Hq4jNbwYQV
— Dr Mansukh Mandaviya (@mansukhmandviya) February 6, 2025
Mansukh Mandaviya said, the auto-claim mechanism has helped in processing the claim within three days of applying for it. The Labor Minister said, the impact of this reform is clearly visible. In the current financial year, auto claim settlement has doubled to 1.87 crores, while during the entire financial year 2023-24, 89.52 lakh auto claims could be processed. He informed that the Provident Fund Transfer Claim Submission Process has also been simplified. After simplification of transfer claim application, now only 8 percent of transfer claims require approval from the member and employer. 48 percent of such claims are being submitted directly by the members without the intervention of the employer, while 44 percent of transfer requests are being done automatically.
Referring to the impact of Member Profile Correction Reforms, the Labor Minister said, since the beginning of this process, about 97.18% of member profile correction is being done with self-approval of the members themselves, only 1% of the cases require the approval of the employer. He said, these reforms have not only accelerated the claim process but have also contributed to reducing members’ grievances, further strengthening the trust in EPFO.
Most Read Articles:
- Post Office RD Account: Deposit 10 thousand rupees and get Rs 16.89 lakhs from this scheme, know complete scheme here
- RBI’s big announcement, web address of all banks will change from April, know what is this bank.in domain
- Credit Card Link UPI: Link your credit card to UPI from home, know step-by-step guide
We have taken all measures to ensure that the information provided in this article and on our social media platform is credible, verified and sourced from other Big media Houses. For any feedback or complaint, reach out to us at businessleaguein@gmail.com
