EPFO New Rule- EPFO had 1.15 crore such claims in the last financial year, which were settled through auto mode. Earlier the limit of auto mode was Rs 50 thousand.
New Delhi. The Employees Provident Fund Organization has increased the limit of auto claim settlement facility from Rs 50,000 to Rs 1 lakh. Along with this, this facility will now also be applicable on taking advance for house, marriage and marriage. This decision was taken in the meeting of the Central Board of Trustees of EPFO chaired by Union Minister Mansukh Mandaviya.
Apart from this, it was also decided to implement the benefits of Employees Deposit Linked Insurance Scheme from the date before 28 April 2024, minimum insurance benefit of Rs 2.5 lakh and maximum Rs 7 lakh. In the ELI scheme, insurance cover is given to the dependents on the death of the employee.
The board has also approved amendments to the EPF Scheme, 1952. After this amendment, members will get interest till the date of claim settlement. Earlier, if the claim was passed by the 24th, then interest was received only till the end of the previous month. EPFO also approved an amnesty scheme for employers. Under this, they will be allowed to deposit the previous provident fund dues without any penalty.
1.15 crore claims settled through auto mode
In the last financial year, there were 1.15 crore such claims which were settled through auto mode. Last month i.e. in November, the rejection rate has come down to 14 percent. In the financial year 2023-24, 4.45 crore claims worth Rs 1.82 lakh crore were settled. At the same time, in the current financial year, so far 3.83 crore claims worth Rs 1.57 lakh crore have been settled by EPFO.
The Central Board of the Employees’ Provident Fund Organisation (EPFO) has approved reinvesting 50% of the redemption proceeds from its Exchange Traded Funds (ETFs) in equities with an aim to increase equity investments and generate more income for its nearly 7 crore members. The meeting also agreed to increase the redemption period of ETFs from the current 4 years to 7 years. This will be implemented in a phased manner over the next 6 years, which is expected to provide better returns.
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