**EPFO Achieves Historic Milestone in Claims Settlement**
New Delhi, Feb 6 (PTI) – Labour Minister Mansukh Mandaviya announced on Thursday that the Employees’ Provident Fund Organisation (EPFO) has reached a significant milestone by settling over 5 crore claims in the fiscal year 2024-25. In the current financial year, EPFO has processed more than 5.08 crore claims totaling ₹2,05,932.49 crore, surpassing the previous fiscal year’s 4.45 crore claims worth ₹1,82,838.28 crore, as stated by the labour ministry.
Mandaviya attributed this achievement to a series of transformative reforms implemented by EPFO aimed at improving the claims settlement process and reducing member grievances. He noted that key measures have been introduced, including an increase in the ceiling and categories of auto-settled claims, simplified member profile changes, streamlined PF transfers, and enhanced KYC compliance ratios, all of which have significantly boosted EPFO’s efficiency.
A crucial factor in expediting claim processing has been the auto-claim settlement mechanism, which ensures claims are settled within three days of submission. Mandaviya highlighted the success of this reform, with auto claim settlements doubling to 1.87 crore in the current financial year, compared to 89.52 lakh processed during the entire FY24. Additionally, reforms in the PF transfer claim submission process have greatly streamlined workflows, with only 8 percent of transfer claims now requiring member and employer attestation. Notably, 48 percent of claims are submitted directly by members without employer involvement, while 44 percent of transfer requests are generated automatically.
The minister also emphasized the positive impact of reforms related to member profile corrections. Since the introduction of a simplified procedure, approximately 97.18 percent of member profile corrections have been self-approved by members, with only 1 percent needing employer approval, and office intervention reduced to just 0.4 percent. Furthermore, rejection rates have decreased to 1.11 percent by employers and 0.21 percent by regional offices, showcasing the effectiveness of the streamlined processes and reduced procedural bottlenecks in claim settlements.
Reaffirming the government’s commitment to enhancing accessibility for EPFO members, Mandaviya stated that the organization will continue to utilize technology and process simplification to provide a seamless and efficient service experience. “These reforms have not only accelerated the claim settlement process but have also minimized member grievances, further strengthening trust in EPFO,” he added.
