EPFO has introduced a new facility for employed individuals to obtain quick approval for financial needs related to education, marriage, and housing, previously available only for medical emergencies.
The facility now extends to over 6 crore EPFO members, enabling swift approval through computerized processing.
The limit for this facility has been raised from Rs 50,000 to Rs 1 lakh, as disclosed by EPFO, settling approximately 4.45 crore claims in the fiscal year 2023-24.
Over 60 percent of these claims, amounting to 2.84 crore, were advanced withdrawals for various purposes like illness, education, and marriage.
Approval for these claims is typically granted within 3-4 days, with around 90 lakh claims auto-settled last year.
The streamlined computer-based system eliminates the need for manual processing, significantly reducing the approval time from 10 days to just 3-4 days.
Since its launch on May 6, 2024, the new system has already benefited 13,011 individuals, with a total approval amount of Rs 45.95 crore.
If a claim isn’t initially approved by the computer system, it undergoes re-examination rather than being refunded or canceled, ensuring efficient processing for all eligible cases.
