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  5. Employees' Provident Fund Organisation (EPFO) introduced four new rules to ease and expedite claim settlements

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Employees' Provident Fund Organisation (EPFO) introduced four new rules to ease and expedite claim settlements

Upstox
By Upstox News Desk

2 min read | Updated on June 10, 2024, 16:14 IST

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SUMMARY

In May 2024, the Employees' Provident Fund Organisation (EPFO) introduced four significant changes to the EPF claim process. These updates include auto-settlement for claims up to ₹1,00,000, multi-location claim settlement, simplified death claims without Aadhaar, and eased requirements for uploading cheque leaf images. These changes aim to make the claim process easier and faster for EPF members, enhancing efficiency and reducing claim settlement times across the country.

EPFO updates: New autosettlement, multilocation claims, and more

EPFO updates: New auto-settlement, multi-location claims, and more

Employees' Provident Fund Organisation (EPFO), in May, introduced four major changes to its EPF claim process, crucial for employees to know. EPFO brought the new changes to make the claim process easier and flexible for all members.

According to reports available in the media, these changes include automatic claim settlement, the ability to process claims from multiple locations, and faster processing of death claims.

For a detailed look at these recent changes, check out the latest EPF updates below:

Auto settlement: The EPFO introduced the new facility of auto-settlement for housing under Rule 68B and education and marriage under Rule 68K through a press release on May 13, 2024. It mandates any claim up to ₹1,00,000 should be settled without any human intervention.
Multi-location claim settlement: To expedite the EPF claim process within the specified timeline, EPFO launched a link office setup for settlement across multiple locations. This will minimise the time taken to settle cases by spreading the burden of hastening claim settlements across the country. This will also abolish the present geographical jurisdiction structure and productivity.
EPF death claims without Aadhaar seeding: To simplify death claims when Aadhaar details are missing, EPFO now allows physical claims without needing Aadhaar. This is a temporary measure, and it requires approval from the Officer in Charge (OIC), who will verify and record the deceased’s membership and relationship with the claimants. This process is only applicable when the member's details are correct in the UAN but wrong in the UID database.
Relaxation on the mandatory upload of the cheque leaf: The EPFO eased the mandatory rule of uploading a cheque leaf image or attested bank passbook while applying for a claim settlement. This relaxation came via a circular on May 28, 2024. This change will not only quicken the online process of settling claims but will also reduce the number of rejection cases due to faulty upload of cheque leaves or bank passbooks. However, the EPFO also mentioned that this new criterion will be applicable only to select cases, based on validations like online verification and Bank KYC by the concerned bank/NPCI, verification of the bank KYC by the employer using DSC, Aadhar numbers verified by UIDAI, etc.

The introduction of these new rules is aimed at simplifying the claim process for members and also speeding up the process, said the EPFO.

About The Author

Upstox
Upstox News Desk is a team of journalists who passionately cover stock markets, economy, commodities, latest business trends, and personal finance.

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