The Ministry of Labour & Employment on Monday said that through the auto-mode settlement of advance claims for the purpose of education and marriage and housing, the EPFO has approved 13,011 cases for Rs 45.95 crore.
Introduced on May 6, 2024 pan-India and since then this initiative has been providing speedy service.
Auto mode of claim settlement was introduced in April, 2020 for the purpose of advance for illness. Now this limit has been enhanced to Rs 1,00,000. During the current year, around 2.25 crore members are expected to reap the benefits of this facility, the ministry said.
To enhance ease of living for its crores of members, the EPFO introduced auto-mode settlement of advance claims for the purpose of education, marriage and housing.
The ministry further highlighted that during the financial year 2023-24, EPFO settled around 4.45 crore claims, out of which more than 60 per cent (2.84 crore) claims were advance claims. Out of total advance claims settled during the year, around 89.52 lakh claims were settled using auto-mode.
To facilitate ‘Ease of living,’ the auto claim solution has now been extended for all claims under para 68K (education and marriage purpose) and 68B (housing purpose) of EPF Scheme, 1952. In addition, the limit has been doubled from earlier Rs 50,000 to Rs 1,00,000. This move is expected to benefit lakhs of EPFO members, it said.
The expansion of the scope of the auto claims to the housing, marriage and education purposes as well as enhancement will directly help many members to avail their funds within the shortest possible duration, which will substantially aid them in promptly meeting their education, marriage, or housing requirements.