EPFO Claim Updates: This is super news for PFO subscribers. Claims processing speed has increased. Notably, EPFO recorded a 30 percent increase in claims processing after the software upgrade. EPFO has revealed that there has been an annual increase of around 30 per cent in the processing of claims in August and September. In the past, due to slow settlement of claims, subscribers had difficulty withdrawing money during emergencies. It seems to have been relieved with the latest software update.
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EPFO is planning more hardware upgrades and additional software upgrades to increase the speed of PF With Draw.
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A new system developed by the Center for Development of Advanced Computing (C-DAC) has played a key role in reducing claim rejection. While it was around 13 percent in 2017-18, it has increased to around 34 percent by 2022-23.
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Of the 5.2 crore claims received during 2022-23, official data revealed that 25.8 per cent were rejected for final settlements, transfers and withdrawals.
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A recent software upgrade has increased the speed of claim processing. Subscribers are happy with this.
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EPFO is working to set up a database to streamline payment systems and maintain records at one place even if subscribers change company from now on. It will be implemented in next two months.
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Moreover, there have been recent policy changes. Relaxed some documentation requirements for claims.
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