EPFO Is Processing EPF Pandemic Advance Facility In 3 Days

In the wake of covid 19 crisis, to assure employees covered under the scheme have been allowed to withdraw advance up to three months of basic salary plus dearness allowance or 75 per cent of the credit balance of the account, whichever is lower.

And this is being processed in 3 days time as against the otherwise 10 days time. And this has been achieved using the AI or artificial intelligence tool.

"Turning adversity into advantage, EPFO launched its first fully automatic claim settlement system in a record time of just five days. Almost 54 per cent of the COVID 19 claims are now being settled through the auto mode. This system is expected to drastically cut down claim settlement time for EPFO in future", said the PF body in a release.

Most of the claims as per the release are being made by those in income slab of less than Rs. 15000 wage. And those in the Rs. 15000 to Rs. 50000, have made approximately 24% claims.

This one time claim is non-refundable and requires some of the conditions such as EPF needs to be KYC compliant. UAN needs to be active as well as needs to be linked to aadhaar. Also,the bank account and IFSC code should also be correct.

In April, May alone the EPFO released claim worth Rs. 4580 crore which was part of the Pandemic advance facility.

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