EPFO pays ₹57,316 crore in Q1 to settle 1.36 crore claims; enrollments rise

The Employees' Provident Fund Organisation (EPFO), India's social security body, settled nearly 1.36 crore claims in the April to June quarter of the financial year 2024-25, with a payment outgo of ₹57,316.09 crore, according to data released by the government on Thursday, July 25.

“EPFO has settled 1,36,68,013 claims in the Q1 of the FY 2024-25 with payment outgo of ₹57,316.09 crore,” the Ministry of Labour and Employment said in a statement.

The settlement rate of EPFO claims is 25.09 per cent higher at 1,36,68,013 as compared to 1,09,26,376 in the first quarter of the financial year 2024, according to the statement.

EPFO paid a 25.08 per cent higher settlement amount at ₹57,316.09 crore in the April to June quarter, as compared to ₹45,820.69 crore in the same period last year.

The retirement fund body is focusing on improving its service areas, with special emphasis on the settlement of claims. The EPFO has taken initiatives to increase the speed of settlement claims and information release for the return of the claim in case of incomplete information or rejection caused by the ineligibility of a claim, it said.

The EPFO is providing the digital connection by informing the subscribers via SMS communication to their registered mobile number in case of a claim rejection. The person claiming their provident fund amount is provided with a link through SMS to keep a check on the status. People can also log in to the member portal to access the same information.

Mint reported on July 25 that the EPFO recorded a subscriber increase of 5.8 per cent in May 2024 to 985,000 as compared to the previous month, according to data collected from the Ministry of Statistics & Programme Implementation (MoSPI). This rise in enrollments can be attributed to factors like rising employment opportunities, awareness of employment benefits, and the EPFO's awareness programmes.