EPFO
EVERY THIRD EPF CLAIM GETS REJECTED
Published By MintGenie Team | 24 Feb, 2024
In a startling revelation, it has been revealed that the EPFO has rejected every third claim that it received.
A number of subscribers have raised their grievances relating to delay in claim settlement on the official X handle of EPFO.
EPFO is the world’s largest social security organisation with over 277 million accounts and a corpus of nearly
₹
20 lakh crore.
The provident body, in response to a query, stated that it normally takes 20 days to settle a claim or release the PF amount.
Settlement
Out of the total 73.87 lakh claims received for final PF settlement in financial year 2022-23, 33.8 per cent (24.93 lakh) were rejected.
Rejected
At the same time, 46.66 lakh were settled and 2.18 lakh remained as closing balance, shows official data.
Outstanding
This was considerably higher than the rate of rejection in 2017-18 and 2018-19, when it stood at nearly 13 per cent and 18.2 per cent, respectively.
Past data
The rate of rejection jumped further to 24.1 per cent in 2019-20 and 30.8 per cent in 2020-21 for final settlement claims.
Surge
Moving to 2021-22, the rate of rejection for final settlement claims rose to 35.2 per cent
Spike in rejection
CLICK FOR MORE VISUAL STORIES