EPFO Claim Settlement Rule: In May, the Employees’ Provident Fund Organization (EPFO) implemented various modifications to simplify and enhance the experience for its over 7 crore members. In May, EPFO introduced several regulations, such as auto-settlement, multi-location claim resolution, and procedures for settling death claims.
Members will receive substantial relief in the near future
Following this, EPF members will receive substantial relief in the near future. Inform us about the rules that have been modified by the Employees’ Provident Fund Organization. This month, EPFO has updated its self-settlement option. The organization has declared an auto-settlement option for housing according to Rule 68B, and for education and marriage under Rule 68K. Earlier in April,
Limit for advance claims due to medical conditions has been raised
EPFO released a circular stating that the limit for advance claims due to medical conditions has been raised. With this provision, now millions of EPFO members can access an amount of Rs 1 lakh through advance claims for education, marriage, and medical needs. We inform you that prior to April 2024, an advance claim facility was available solely for medical conditions. In addition to this, the Employees Provident Fund Organization has modified the rules to streamline the death claim procedure for PF members. The organization announced in a notice dated May 17, 2024, that if a PF account holder passes away and their account isn’t connected to Aadhaar, the funds in the account will still be disbursed to their nominee.
Regional officer will carefully review the documents
Nevertheless, prior to the fund disbursement, the regional officer will carefully review the documents pertaining to the recipient of the funds. On 8 May 2024, EPFO released a circular announcing the establishment of a link office to facilitate swift claim settlements for multiple locations. This will decrease the duration needed for claim resolution.