EPFO Update: EPFO users got a big gift, claims for education, housing, and marriage will be settled immediately...
EPF Claim Settlement- Recently Employees Provident Fund Organization has given big good news to its users. Let us tell you that the EPFO Scheme was started in the year 1952. This scheme was initially for government employees but later it was started for private employees also.
In this scheme, a fixed amount is deposited in the PF Fund every month by the employee and the company. Interest is given by the government in this fund. This scheme is a retirement scheme. After retirement, the employee gets the benefit of a huge fund and a monthly pension.
Now EPFO has increased the scope of Auto Claim Settlement to provide convenience to its users. This means that now the claim for house construction, marriage, or education will be settled quickly.
EPFO has increased the limit for auto claim settlement from Rs 50,000 to Rs 1 lakh. For your information, let us tell you that this information has been given by the Labor Ministry.
EPFO has launched an auto claim solution for this (EPFO Auto Claim). In this, the claim will be settled through the IT system. EPFO said that in the last financial year, they have settled 4.5 crore claims.
Of these, more than 60 percent of the claims were for advance claims. Let us tell you that from April 2020 itself, the auto mode facility for advance claim settlement for the treatment of the disease was started.
In these circumstances, the claim will be settled quickly
In the last financial year, there were approximately 89.52 lakh claims which were settled under auto-mode. Auto claim facility has also been started for para 68K (for education and marriage) and 68B (housing) of EPF Scheme 1952.
For information, let us tell you that earlier it used to take time to settle the claim, but now it will not happen. There will be no human intervention in the auto settlement, due to which the claim will be settled quickly. Auto claim settlement will be operated by the IT system.
Not only this, but even KYC, eligibility, and bank validation will also be processed automatically through IT tools. It is being said by the Ministry that earlier it used to take 10 days for claim settlement (EPFO Claim settlement), now it will be completed in 3 to 4 days.
Know whether the claim will still be rejected or returned
The ministry said that if any claim settlement is not done through the Claim Settlement IT System, it will not be rejected or returned. If the claim is not settled through the IT system, it will be settled through second-level scrutiny and approval.
Let us tell you that after the auto claim is made, now the claims made for housing, marriage, or education will be settled in less time so that EPFO members get the funds as soon as possible.
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