Recently, the Central Board of Trustees (CBT) of EPFO met for the 236th time under the chairmanship of Union Minister Mansukh Mandaviya. During the meeting, the government has approved several changes to increase the benefits of EPFO members and simplify the process.
The benefit of higher interest will be available in EPFO
The board also approved an important amendment in the EPF Scheme 1952. As per the existing provisions, interest for claims settled by the 24th of every month is paid only till the end of the previous month. Now interest will be paid to the member till the date of settlement. According to the ministry, this will give financial benefits to the members and reduce complaints.
These decisions of the government will benefit 7 crore EPFO members across the country. The CBT said that the EPFO has accelerated its work by settling 3.83 crore claims worth more than Rs 1.57 lakh crore in the current financial year. During the financial year 2023-24, EPFO had settled 4.45 crore claims amounting to Rs 1.82 lakh crore.
Increase in auto claim limit
Apart from this, the government has also increased the auto claim limit. Now this limit has been increased from Rs 50 thousand to Rs 1 lakh for house, marriage and education. It has been said by the government that 1.15 crore auto claims have been settled in this financial year. As per the data till November 2024, the rejection rate has come down to 14 percent.
