BENGALURU: The Employees’ Provident Fund Organisation (EPFO) has processed over 5.08 claims, for the first time, amounting to Rs 2,05,932.49 crore in FY25.
Labour Minister Mansukh Mandaviya on Thursday said auto claim settlements doubled to 1.87 crore claims in the current financial year, compared to 89.52 lakh auto claims processed during the entire FY24.
The minister highlighted the milestone and said this has been made possible due to a series of transformative reforms initiated by the employees’ retirement fund to enhance claim settlement processes.
In FY24, the retirement fund body processed 4.45 crore claims worth Rs 1,82,838.28 crore. A statement from the labour ministry said that reforms in the PF transfer claim submission process have streamlined the workflow significantly.
Since the launch of a simplified transfer claim application, only 8% of transfer claims now require member and employer attestation. About 48% of claims are submitted directly by members without employer intervention, while 44% of transfer requests are generated automatically, it added.
The minister said, “Since the introduction of simplified procedure, about 97.18% of member profile corrections have been self-approved by members, with 1% requiring employer approval, and office intervention has been reduced to just 0.4%.
The rejection cases have dropped to 1.11% by the employer and 0.21% by the regional office, reflecting effectiveness of streamlined processes and reduced procedural bottlenecks in claim settlements.” He said the EPFO will continue to leverage tech and process simplification to ensure a seamless and efficient service experience.