EPFO settles record 5-cr claims worth over Rs 2 lakh cr in FY25
Mansukh Mandaviya on Thursday said retirement fund body EPFO has achieved a historic milestone by crossing the 5-crore claims settlement mark in a fiscal in 2024-25. In the ongoing FY25, the Employees' Provident Fund Organisation (EPFO) has processed over 5.08 crore claims amounting to Rs 2,05,932.49 crore, surpassing the 4.45 crore claims worth Rs 1,82,838.28 crore settled in preceding fiscal 2023-24, according to a labour ministry statement.
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Mandaviya highlighted that this remarkable achievement has been made possible due to a series of transformative reforms initiated by EPFO to enhance claim settlement processes and reduce grievances among members.
«We have implemented key measures, including an increase in the ceiling and categories of auto-settled claims, simplified member profile changes, streamlined PF transfers, and improved KYC compliance ratios. These reforms have significantly improved the efficiency of EPFO,» he stated.
A major enabler for faster claim processing has been the auto-claim settlement mechanism, ensuring that claims are settled within three days of submission.
Mandaviya noted that the impact of this reform is evident, with auto claim settlements doubling to 1.87 crore claims in the current financial year, compared to 89.52 lakh auto claims processed during the entire FY24.
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