EPFO Services To Remain Impacted Today: Know Why | Personal Finance News


New Delhi: The Employees’ Provident Fund Organisation (EPFO) announced today that all services utilizing Aadhar authentication will be affected due to technical maintenance of the Aadhar setup. In a message posted on social media platform X, the EPFO expressed regret for any inconvenience caused to users.

EPFO Faces High Rejection Rate For Claim Settlements

Recent reports have shed light on the challenges faced by the EPFO in processing claims, revealing that the organization has been rejecting a significant number of claims it receives. It was disclosed on February 20 that the EPFO had turned down one-third of the claims it received, sparking concerns among subscribers. (Also Read: Zomato’s Hilarious Response To Customer Goes Viral; Netizens Applaud Creativity)

EPFO Responds To Grievances On Claim Settlements

Numerous subscribers have voiced their grievances regarding delays in claim settlements through EPFO’s official handle on X. In response to one such query, the EPFO clarified that it typically takes around 20 days to settle a claim or release the Provident Fund (PF) amount, provided that the submission to the EPFO office is complete. (Also Read: ‘That’s Lucknow Airport?? :’ Anand Mahindra Applauds New Terminal: WATCH Video)

Data Highlights High Rejection Rate In 2022-23

Official data indicates a notable increase in the rejection rate of claims during the financial year 2022-23. Out of a total of 73.87 lakh claims received for final PF settlement, a staggering 33.8 per cent (24.93 lakh) were rejected. Meanwhile, 46.66 lakh claims were successfully settled, with 2.18 lakh remaining as closing balances.

Comparative Analysis Reveals Rising Rejection Trends

The rejection rate observed in 2022-23 stands significantly higher compared to previous years. In 2017-18 and 2018-19, the rejection rates were recorded at approximately 13 per cent and 18.2 per cent, respectively, reflecting a concerning trend of increasing rejections over time.

About EPFO

The EPFO, being the world’s largest social security organization with over 277 million accounts and a corpus of nearly Rs 20 lakh crore, faces the critical task of addressing these challenges to ensure smoother and more efficient services for its subscribers.

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