Today’s Current Affairs: EPFO Introduces Auto Claim Solution for Members
The Employees’ Provident Fund Organisation (EPFO) has implemented an auto-claim solution for its members, allowing for the automatic processing of claims without any human intervention. This move aims to streamline the settlement of advance claims for education, marriage, and housing purposes, providing quicker access to funds for EPFO members.
During the financial year 2023-24, EPFO settled a total of 4.45 crore claims, with 2.84 crore of these being advance claims. The expansion of the auto-claim system to include housing, marriage, and education purposes is expected to benefit lakhs of members, reducing the settlement period from 10 days to 3-4 days for such advances.
Introduced in May 2024, the auto-mode settlement has already processed over 13,000 cases, totaling Rs 45.95 crore. This system-driven approach ensures efficient and timely claim settlement, enhancing the overall experience for EPFO members.
1. What is the purpose of the EPFO auto claim settlement system?
– A. To provide speedy service to EPFO members
– B. To process claims manually by human intervention
– C. To settle claims for illness only
– D. To reject claims that are not validated by the system
Answer: A. To provide speedy service to EPFO members
2. How many claims were settled by EPFO during the financial year 2023-24?
– A. 1.45 crore claims
– B. 2.84 crore claims
– C. 4.45 crore claims
– D. 3.50 crore claims
Answer: C. 4.45 crore claims
3. What is the limit for advance claims under the EPFO auto claim settlement system?
– A. Rs 25,000
– B. Rs 50,000
– C. Rs 75,000
– D. Rs 1,00,000
Answer: D. Rs 1,00,000
4. How long does it take for the EPFO auto claim settlement system to process claims?
– A. 5-7 days
– B. 3-4 days
– C. 10 days
– D. 2 weeks
Answer: B. 3-4 days
What is the auto claim solution introduced by EPFO?
The EPFO has introduced an auto claim solution wherein claims are processed automatically by IT system without any human intervention.
How many claims did EPFO settle during 2023-24?
EPFO settled 4.45 crore claims during 2023-24, with 2.84 crore of these being advance claims (for withdrawal of funds).
What are the benefits of the auto claim settlement system introduced by EPFO?
The auto claim settlement system introduced by EPFO reduces the periodicity of claim settlement from 10 days to 3-4 days for advances. It also eliminates the need for human intervention and speeds up the process of fund withdrawal for purposes like illness, education, marriage, and housing.
Today's Current Affairs brings good news for crores of members of the Employees’ Provident Fund Organisation (EPFO) as they have introduced an auto claim solution for advance claims. This new system allows claims to be processed automatically by the IT system without any human intervention. The EPFO has settled 4.45 crore claims during 2023-24, with 2.84 crore of these being advance claims for withdrawal of funds. This move is expected to benefit lakhs of EPFO members by providing them with faster access to their funds for education, marriage, and housing purposes. The auto claim settlement process has significantly reduced the time taken for claim settlement and is set to benefit around 2.25 crore members this year. So, EPFO members can now enjoy quicker and hassle-free access to their funds for various needs.
