Labour Minister Mansukh Mandaviya on Thursday said that the Employees’ Provident Fund Organisation (EPFO) has achieved a major milestone by crossing the 5-crore claims settlement mark in the fiscal in 2024-25.
In the ongoing FY25, the retirement fund body has processed over 5.08 crore claims amounting to Rs 2,05,932.49 crore. This is much more than the 4.45 crore claims worth Rs 1,82,838.28 crore settled in the last fiscal 2023-24.
Mandaviya stressed that a series of transformative reforms initiated by EPFO has helped achieve this remarkable figure. The changes enhanced claim settlement processes and reduced grievances among members.
“We have implemented key measures, including an increase in the ceiling and categories of auto-settled claims, simplified member profile changes, streamlined PF transfers, and improved KYC compliance ratios. These reforms have significantly improved the efficiency of EPFO,” the minister stated.
A major enabler for faster claim processing has been the auto-claim settlement mechanism, ensuring that claims are settled within three days of submission.
Mandaviya noted that the impact of this reform is evident, with auto claim settlements doubling to 1.87 crore claims in the current financial year, compared to 89.52 lakh auto claims processed during the entire FY24.
Similarly, reforms in the PF transfer claim submission process have streamlined the workflow significantly. Since the introduction of a simplified transfer claim application, only 8 per cent of transfer claims now require member and employer attestation.
Notably, 48 per cent of claims are submitted directly by members without employer intervention, while 44 per cent of transfer requests are generated automatically.
Mandaviya further emphasised the impact of member profile correction reforms.
“Since the introduction of the simplified procedure, approximately 97.18 per cent of member profile corrections have been self-approved by members, with only 1 per cent requiring employer approval, and office intervention has been reduced to just 0.4 per cent.
With PTI inputs
