The Employee Provident Fund Organisation, or EPFO, recently announced that the auto claim settlement limit will be increased to Rs 5 lakh. Explore key details of the same, including highlights, eligibility criteria, and more.
Overview of the revised EPFO auto settlement system
Under the previous policy, the auto claim settlement limit was Rs 1 lakh. This limit has now been increased to Rs 5 lakh. The initiative is intended to assist millions of paid workers who rely on provident fund contributions during financial crises.
Highlights
Faster processing: Claims are resolved within 72 hours, drastically decreasing delays.