EPFO Boosts Support: Auto-Settlement Limit Now Rs 5 Lakh for Members
New Delhi (The Uttam Hindu): An important news has come out for the members of the Employees Provident Fund Organization (EPFO). EPFO has now increased the auto-settlement limit for advance claims from Rs 1 lakh to Rs 5 lakh. This decision will make it easier for EPFO members to get immediate financial assistance, especially in emergency situations.
According to media reports, Union Labor and Employment Minister Mansukh Mandaviya shared this information on Tuesday. He said that this major change is expected to benefit lakhs of EPFO members. EPFO had introduced the facility of auto-settlement of advance claims for the first time during the COVID-19 pandemic with the aim of providing immediate financial assistance to the members.
Giving information about the figures, the Union Minister said that while 89.52 lakh auto claims were settled in the financial year 2023-24, a total of 2.32 crore auto claims have been settled in the financial year 2024-25. He also said that the advance claim filed by the members will be processed within three days from the date of filing.
Along with this, the Employees Provident Fund Organization (EPFO) has cautioned its members against taking help from third party agents. EPFO has advised members to use only official online platforms for services related to their PF accounts, so as to avoid the risk of their important personal information becoming public. Currently, EPFO has more than seven crore members, who are working or retired employees in various private and public sector enterprises. According to the government, it has been found that some cyber cafe operators and fintech companies are charging EPFO members a hefty amount for services that are officially free. In many cases, these operators only use the EPFO's online complaint platform, which any member can use for free on their own. EPFO has clarified that external entities are not authorized on their behalf.
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