EPFO Surpasses Milestone with Record Claims Settlement

The Employees' Provident Fund Organisation (EPFO) has crossed a historic milestone by settling over 5 crore claims, amounting to Rs 2,05,932.49 crore in the financial year 2024-25. This achievement is attributed to reforms enhancing claim processes, reducing grievances, and leveraging technology for efficient service delivery.

Union Labour and Employment Minister Dr. Mansukh Mandaviya announced that the Employees' Provident Fund Organisation (EPFO) has reached a historic milestone, processing over 5 crore claims in a fiscal year for the first time. In the 2024-25 financial year, EPFO settled 5.08 crore claims totaling Rs 2,05,932.49 crore, a significant increase from the previous year's 4.45 crore claims worth Rs 1,82,838.28 crore.

Dr. Mandaviya credited this achievement to transformative reforms by EPFO that enhanced the claims settlement process and reduced member grievances. "Key measures like boosting auto-settlement of claims, simplifying member profiles, optimizing PF transfers, and improving KYC compliance have substantially increased EPFO's efficiency," he remarked.

The auto-claim settlement mechanism, ensuring settlements within three days, doubled the current year's auto claims to 1.87 crore compared to 89.52 lakh in the previous fiscal year. Additionally, only 8% of PF transfer claims require attestation, as 92% are now submitted digitally, reflecting a streamlined and efficient service experience.

(With inputs from agencies.)