&w=3840&q=100)
EPFO increases auto settlement limit for advance claims to ₹5 lakh
The move allows EPFO's 75 million subscribers to withdraw advances for education, illness, marriage and housing without human intervention up to ₹5 lakh
Shiva Rajora New Delhi
The Employees' Provident Fund Organisation (EPFO) on Tuesday increased the auto-settlement limit for advance claims to Rs 5 lakh, up from the current Rs 1 lakh, labour minister Mansukh Mandaviya told reporters.
The move will now allow nearly 75 million subscribers of the retirement fund body to withdraw funds through advance claims—for purposes such as education, illness, marriage and housing—without any human intervention from EPFO.
'The limit for auto settlement of EPFO claims has been increased to Rs 5 lakh. Such claims will be cleared within three days, similar to the existing process for auto claims. This growth highlights EPFO's strong focus on automation and delivering faster, more efficient services to its members,' Mandaviya said.
The auto-claim settlement process—automatic processing of claims without human involvement—was first introduced in April 2020 during the Covid-19 pandemic for illness and hospital-related advances.
Subsequently, the labour ministry expanded auto-claim settlement to include education, marriage and housing. In May 2024, EPFO increased the ceiling for auto-mode settlement of advance claims for these categories to Rs 1 lakh from Rs 50,000.
'This enhanced limit and faster access to funds will help family members receive timely financial support when they need it most. This step is part of EPFO's broader push to improve service delivery through technology,' the labour ministry said in a statement.
In the financial year 2024–25, EPFO processed a record 23.4 million advance claims through auto settlement—a 161 per cent increase compared to 8.95 million claims in 2023–24, the minister said.
Almost 59 per cent of all advance claims in 2024–25 were settled through auto mode, up from 31 per cent in 2023–24.
In the first 2.5 months of the ongoing financial year 2025–26, EPFO has already auto-settled 7.6 million claims, accounting for 70 per cent of all advance claims processed so far.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Print
43 minutes ago
- The Print
Leverage AI to search for job opportunities across globe for Andhra youth: Naidu to officials
'Leverage Artificial Intelligence in the state's skill portal 'Naipunyam' to identify and consolidate job openings not just within Andhra Pradesh but across India and international markets,' said Naidu in an official press release. Reviewing the skill development department at the secretariat, the chief minister noted that it has to work towards providing 20 lakh jobs to the state's youth. Amaravati, Jun 24 (PTI) Andhra Pradesh Chief Minister N Chandrababu Naidu on Tuesday directed officials to utilise artificial intelligence (AI) to search for job opportunities available in the state, country and across the world to host that information on 'Naipunyam' website, which can be accessed by the youth of the state. The portal will also feature an automated resume builder, generating professional profiles for registered candidates based on their qualifications. The CM emphasised that skill training must align with emerging technological advancements and global industry requirements to ensure employability. To directly link job seekers with employers, the government will organise large-scale job fairs, with the immediate goal of facilitating 1,500 placements per constituency this year, said the press release. The state government has already secured commitments for Rs 9.5 lakh crore in investments that are projected to create 8.5 lakh jobs. PTI STH AMJ AMJ This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
The Print
43 minutes ago
- The Print
Uttar Pradesh trying to make village panchayats self-reliant: CM Adityanath
Adityanath said that to create a self-reliant state that contributes to India's self-reliance, Uttar Pradesh has adopted a bottoms-up approach. The state is trying to make the village panchayats self-reliant by providing employment to 5-7 people in each. Speaking at the 25th Central Zonal Council meeting held in Varanasi, Adityanath said, 'Operation Sindoor, a symbol of the indomitable valour of Indian soldiers, has introduced to the world the resolve and strength of the 'New India'. The last 11 years, dedicated to service, good governance and welfare of the poor under the successful leadership of Prime Minister Narendra Modi, gives us a new inspiration.' He said that the Prime Minister's exhortation to work as 'Team India' to make the country developed by 2047 shows a new path to cooperative federalism, and under the guidance of Union Home and Cooperation Minister Amit Shah, the regional councils are moving forward in this direction with full vigour. Lucknow, Jun 24 (PTI) India has created a new identity in every field in the last 11 years, Uttar Pradesh Chief Minister Yogi Adityanath said on Tuesday. Gram Sachivalaya, Model Fair Price Shop (Annapurna Bhawan), BC Sakhi, Self-Help Group, Caretaker for maintenance of community toilets and Consulting Engineer — all would become medium for self-reliance and employment generation at the panchayat level, he said. The chief minister said that more than 330 services are being delivered online through Gram Sachivalayas and all villages are covered with banking facilities. He said that Uttar Pradesh ranks first in the country in terms of the implementation of Pradhan Mantri Jan Dhan Yojana and about 40,000 BC Sakhis have made financial transactions worth over Rs 36,600 crore. For the safety and convenience of working women, Adityanath said, eight working women's hostels are being constructed. Under the Chief Minister's Shramik Ahilyabai Holkar Women's Hostels Scheme, construction of hostels have been proposed in seven districts. With the aim of improving secondary education, Project Alankar is being run for government secondary schools. Loans worth Rs 3,132.06 crore were distributed to 3.76 lakh farmers at 3 per cent interest through Primary Agricultural Credit Society committees in the cooperative department, he said. The power generation capacity of the state was 15,916 Mega Watts (MW) till 2017, which increased by 8,952 MW to 24,868 MW during the tenure of the current government, Adityanath said. Planned action was taken keeping in mind the future needs of the cities, he said, adding that currently 89 master plans have been approved. PTI NAV MAN RUK RUK This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
Time of India
43 minutes ago
- Time of India
PEC average package dips for third consecutive year; placement rate improves
1 2 3 Chandigarh: Punjab Engineering College (deemed to be university), Chandigarh, has recorded a decline in its average annual package for the third straight year, even as the number of students placed and the overall placement percentage saw a jump. According to data shared by Career Development and Guidance Centre (CDGC), the average package for the 2024–25 placement cycle stood at Rs 13.6 lakh per annum, slightly down from Rs 14.5 lakh in 2023–24 and Rs 15.9 lakh in 2022–23. The median package this year was Rs 12 lakh. PEC stated that 456 out of 694 eligible students were placed, indicating a placement rate of 65.7%. This is a notable rise from last year, when only 346 out of 661 students were placed, marking a placement rate of 52.3%. You Can Also Check: Chandigarh AQI | Weather in Chandigarh | Bank Holidays in Chandigarh | Public Holidays in Chandigarh The highest offer was Rs 61.02 lakh, higher than Rs 58.9 lakh of 2023-24 but much lower than Rs 83 lakh of 2022-23. The offer was made by a multinational firm to three students from circuital branches. Another six students were offered Rs 52 lakh for software development roles. However, only 14 students received offers in the Rs 30–40 lakh range, compared to more last year, when packages of Rs 42 lakh (Arcesium), Rs 45 lakh (Intuit), and Rs 37 lakh (Oracle) were made to multiple students. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 5 Books Warren Buffett Wants You to Read In 2025 Blinkist: Warren Buffett's Reading List Undo The number of students securing jobs in the Rs 20–30 lakh range grew from around two dozen last year to 40 this year, indicating a shift toward mid-tier compensation. Another 187 students landed offers between Rs 10–15 lakh. Among branches, computer science and engineering recorded the highest average of Rs 16.7 lakh, followed by electronics and communication engineering at Rs 15.6 lakh and electrical engineering at Rs 12.9 lakh. Internship figures were stronger, with 292 offers and stipends as high as Rs 1.87 lakh per month. As many as 120 students received pre-placement offers (PPOs), 17 of whom converted internships into full-time roles with pay packages between Rs 30 and Rs 61 lakh.
