EPFO is going to launch its new digital platform EPFO 3.0 this month, i.e. in June 2025. Under this new system, PF account holders will get many great facilities, the biggest of which is the facility to withdraw money from ATM.
Retirement fund body EPFO has settled about 50 percent of the claims within three days of claiming so far in the current financial year. A senior official gave this information on Thursday. Referring to the data till June 5, this official said that the Employees Provident Fund Organization (EPFO) has settled a total of 68.96 lakh claims within three days between April 1, 2025 and June 5, 2025.
Claims up to 5 lakh will be auto settled
In the financial year 2024-25, it was about 39 percent i.e. 2.34 crores. The official said that the proportion of claims settled within three days is expected to increase rapidly as EPFO will soon increase the limit of automatic claim settlement from the current Rs 1 lakh to Rs 5 lakh.
The official also said that the increase in this limit does not require the approval of the Central Board of Trustees (CBT), the apex body of EPFO. He said that this work can be done only by the executive head of EPFO i.e. Central Provident Fund Commissioner. The Central Board of Trustees includes employers and trade union representatives while it is headed by the Union Minister of Labor and Employment.
Currently claims of 1 lakh are auto settled
Currently, all eligible withdrawal claims up to Rs 1 lakh are settled automatically, provided all the necessary conditions are met. EPFO advance claims up to Rs 1 lakh for illness, education, housing and marriage were settled in just three days. The ultimate goal of EPFO is to settle all types of claims like pension, group insurance and EPF withdrawal within 72 hours of filing.
The official said the body is working on ways to deal with old data that causes delays in the claim settlement process. The EPFO has over 7 crore contributing members.
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