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.
Read More:- EPFO Alert: Services utilising Aadhar authentication closed for technical maintenance today
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.
Read More:- EPFO rejects every third claim it receives, says report
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.
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.
Read More:- Public Provident Fund scheme: Looking for extension? Here are the rules you need to remember
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.
