In the 236th meeting of the Central Board of Trustees (CBT) chaired by Union Labor and Employment Minister Mansukh Mandaviya, information was shared on many major issues. In this meeting, EPFO ​​​​told that the facility limit of auto claim settlement has been increased from Rs 50 thousand to Rs 1 lakh. Along with this, it was informed that in this financial year there were 1.15 crore such claims which have been settled by auto mode. Even in the month of November, the rejection rate has come down to only 14 percent.

Claims are being settled fast

In the 236th meeting of the Central Board of Trustees, EPFO ​​informed that 4.45 crore claims worth Rs 1.82 lakh crore were settled in the financial year 2023-24. At the same time, if we talk about the current financial year, so far 3.83 crore claims worth Rs 1.57 lakh crore have been settled by EPFO.

CITES 2.01 project is being prepared

In the information given by EPFO, it was told that work is going on rapidly on the CITES 2.01 project. Along with this project, EPFO ​​is upgrading both its software and hardware. At the same time, a new version of the operating system is being prepared under the CITES 2.01 project, which will make the auto claim facility more simple and easy. The biggest thing is that in the new version, accounting will be possible through UAN number, due to which a system of one member, one account will be created. This will also make it easier to settle the claim.

Said this thing about interest

Let us tell you, CBT has approved an important amendment in paragraph 60(2)(B) of the EPF Scheme, 1952. Actually, till now, for the claims settled till the date of the month, interest is paid only till the end of the previous month. But after the amendment, now the interest will be paid to the member till the date of settlement.