The auto-settlement facility, launched in April 2020, guarantees claims to be settled within three days.
EPFO Increases Auto-Settlement Claim Limit to Rs5 Lakh latest news: The Employees' Provident Fund Organisation (EPFO) has increased the auto-settlement claim limit under Advance Settlement (ASAC) from Rs 1 lakh to Rs5 lakh, in favor of its 7.5 crore members. This was approved in the 113th meeting of the Central Board of Trustees' Executive Committee on March 28 in Srinagar, Jammu & Kashmir.
The auto-settlement facility, launched in April 2020, guarantees claims to be settled within three days. Earlier capped at Rs50,000, the claim amount was raised to Rs1 lakh in May 2024. EPFO has also rolled out auto-settlement for categories such as education, marriage, and housing, besides medical emergencies.
During the current financial year, EPFO has settled 2.16 crore auto claims up to March 6, 2025, which is a milestone. The rate of rejection of claims has also fallen from 50 Precentage to 30 Precentage which indicates better efficiency. This step is likely to ease the life of EPFO members and increase access to their money.
(For More News Apart EPFO Increases Auto-Settlement Claim Limit to Rs 5 Lakh stay tuned to Rozana Spokesman)
