EPFO NEWS: There is relief news for the employed people. Now the process of withdrawing money from EPFO has become very easy. Indeed, EPFO has taken several steps to simplify the claim settlement process. According to the EPFO office, the auto mode claim settlement is now happening in just 3 days. Whereas, according to the EPFO, the department has achieved historic achievement by settling around 2.16 crore vehicle claims till 6 March during the current financial year. Whereas in the same period in the financial year 2023-24 it was only 89.52 lakhs.
Advance claim amount was increased to Rs 1 lakh through auto mode processing…
In this regard, Union Minister of State for Labor and Employment Shobha Karandalaje has said that EPFO is receiving more than 99.31 percent claims online and there is no need to go to the regional office for this. According to PIB, the limit of advance claim amount has been increased to Rs 1 lakh through auto mode processing. In addition, employees can withdraw their money through any disease, hospitalization, home, education and marriage (advance) auto mode processing.
There will be no need for EPFO intervention…
According to the EPFO, the department has simplified the process of improving the details of the members. Now members with base-based UAN can improve their own ID without any EPFO intervention. Currently about 96 percent of the amendments are being made without intervention of an EPF office.
Now only 10 percent of transfer claims are required to verify the member and employer.
According to the office, about 7.14 crore claims have been filed in online mode till 6 March in FY 2024-25. According to the department, the requirement of verification by the employer of the base-well-accumulated UAN has been removed in request to submit a transfer claim to individuals. Now only 10 percent of transfer claims require members and employer verification.
