EPFO Advance: There is good news for EPFO subscribers. Now, advance claims are being settled within 3 days. This service is being provided rapidly like EPFO. Giving an example of advance claim settlement, the Employees’ Provident Fund Organization (EPFO) said Anirudh Prasad had applied for sick advance under para 68J on May 9 and his advance claim would be settled on May 11, 2024, after three days. The amount was settled at Rs 92143.
EPFO has made many efforts to improve its service and there are many stories of improvement in advance claims. At the same time, last month, EPFO, in response to a member’s question on the time taken in the claim settlement process, had said that it usually takes 20 days to settle a claim.
This new service brought speed
Meanwhile, EPFO has started auto-mode claim settlement of advance claims for education, marriage and housing purposes, the Labor Ministry said in a statement on Monday. This step is expected to increase the ‘ease of living’ for crores of EPFO members.
Under auto-mode settlement by the superannuation fund body, the claim is processed automatically by the IT system without any human intervention.
How much advance can I get?
EPFO had introduced this auto settlement facility in April 2020 for the purpose of advance payment for sickness. Its scope has now been extended to other purposes like education, marriage and housing. Now this limit has been increased to Rs 1,00,000. EPFO said that during the current year, about 2.25 crore members are expected to avail the benefit of this facility.
During FY2023-24, EPFO settled approximately 4.45 crore claims, of which more than 60% (2.84 crore) claims were advance claims. Out of the total advance claims settled during the year, about 89.52 lakh claims were settled using auto-mode.
