EPFO raises auto-settlement limit to Rs 5 lakh for faster fund access
The Employees Provident Fund Organisation (EPFO) has announced a major enhancement to its auto-settlement limit, increasing it from Rs 1 lakh to Rs 5 lakh.This move, revealed by Union Labour Minister Mansukh Mandaviya, is designed to facilitate faster fund access for countless EPFO members, particularly during times of urgent financial need.A MOVE FOR QUICK FINANCIAL ACCESSThe EPFO initially introduced the auto-settlement of advance claims during the COVID-19 pandemic to offer quick financial assistance. Over time, this system has been extended to cover advances for illness, education, marriage, and housing. These claims are now handled entirely by the system, without human intervention, ensuring faster processing and greater transparency, said the Union Minister.advertisementIMPRESSIVE GROWTH IN AUTO-SETTLEMENTS
In the fiscal year 2024-25, the EPFO processed a record 2.34 crore advance claims through the auto-settlement process, marking a 161% increase compared to the previous year.In fact, 59% of all advance claims last year were settled through the auto mode, up from just 31% in 2023-24. Further, in the first two-and-a-half months of FY 2025-26, the EPFO has already cleared 76.52 lakh claims automatically, which is 70% of all advance claims, stated the Minister.INTERNATIONAL RECOGNITIONThe Minister also shared that the International Labour Organisation (ILO) has praised India for its efforts to expand social security. According to the ILO, 64.3% of the Indian population, which is around 94 crore people, are now covered under at least one social protection scheme.This is a major leap from 2015, when only 19% of the population had such coverage. In terms of the number of beneficiaries, India now ranks second in the world.- EndsMust Watch
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