This news will be helpful to you if you belong to the salaried class as well. Yes, EPFO has just opened a new facility for its employees. You can utilize this service to get speedy approval if you need money for a house, marriage, or education. In this facility, a computer checks your claim, and it is authorized right away. Up until now, account users have been granted this privilege in medically relevant instances. However, more than 6 crore EPFO members can now make use of its benefits whether they require money for a home, marriage, or school.
4.45 crore claims were resolved.
The EPFO’s information also stated that this facility’s limit has doubled from the previous Rs 50,000 to Rs 1 lakh. According to a statement, EPFO ​​has settled about 4.45 crore claims during the financial year 2023-24. Of these, more than 60 percent (2.84 crores) of claims were advanced (withdrawal of money based on illness, marriage, or education). If understood in simple language, it means that you can withdraw up to Rs 1 lakh for education, marriage, or housing needs.
It takes 3–4 days to gain approval.
Roughly 90 lakh claims were automatically settled out of all the advance claims that were accepted last year. Since everything in the new system is done by computers, labour is not needed for any task. This explains also why it now takes less time to approve an advance claim. It used to take ten days in the past. However, this work is now completed in 3–to 4 days.
The facility opened on May 6
If a claim is denied by the computer system, it is not canceled or returned; instead, it is reexamined and approved later. EPFO has begun offering the option to pass claims automatically starting on May 6, 2024. Thus far 13,011 people have benefited through this. According to the news published in the Economic Times, Rs 45.95 crore has been approved so far.
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