EPFO: During the 236th gathering of the Central Board of Trustees (CBT), led by Union Labor and Employment Minister Mansukh Mandaviya, details were discussed regarding several key matters. During this meeting, EPFO announced that the facility limit for auto claim settlement has been raised from Rs 50 thousand to Rs 1 lakh.
This financial year saw 1.15 crore claims resolved through automatic processing
In addition, it was reported that this financial year saw 1.15 crore claims resolved through automatic processing. Even in November, the rejection rate has decreased to just 14 percent. During the 236th session of the Central Board of Trustees, the EPFO reported that 4.45 crore claims totaling Rs 1.82 lakh crore were resolved in the financial year 2023-24. Concurrently, in regard to the ongoing financial year, 3.83 crore claims totaling Rs 1.57 lakh crore have been resolved by EPFO thus far.
A fresh edition of the operating system is being developed under the CITES 2.01 project
According to the information provided by EPFO, it was stated that progress is being made swiftly on the CITES 2.01 project. In conjunction with this project, EPFO is enhancing its software and hardware. Concurrently, a fresh edition of the operating system is being developed under the CITES 2.01 project, aiming to simplify and enhance the auto claim feature. The most significant aspect is that in the updated version, accounting can be done via UAN number, resulting in a system where one member corresponds to one account.
This will also facilitate the resolution of the claim. CBT has sanctioned a significant revision in paragraph 60(2)(B) of the EPF Scheme, 1952. In fact, up to this point, for the claims resolved by the end of the month, interest is only paid through the end of the last month. However, following the amendment, the interest will now be paid to the member.