EPFO subscribers alert! New tool launched - here is what it does
The Employees Provident Fund Organisation (EPFO) is getting thousands of withdrawal requests every week and to hasten the claim settlement process, it has come up with an artificial intelligence tool.
The number of subscribers applying for provident fund withdrawal have gone up with coronavirus outbreak making people’s pockets lighter. The Employees' Provident Fund Organisation (EPFO) is getting thousands of withdrawal requests every week and to hasten the claim settlement process, it has come up with an artificial intelligence tool. The new AI-based tool is a fully automatic system for settlement of the claim.
“'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”, EPFO said.
With the help of this tool, EPFO has managed to disburse Rs 11,540 crore to its members during the lockdown period in the last two months. It also said that despite staff shortage, it has brought down the claim settlement period from around 10 days to roughly 3 days for COVID-19 advances.
WATCH | Realme watch review
EPFO said that despite the lockdown, a total of 36.02 lakhs claims were settled in the month of April-May this year with less than 50 per cent staff being able to attend the work. The body claims that about 54 per cent of the COVID-19 claims are now being settled through auto mode which is expected to cut down claim settlement for EPFO in the future.
"Receiving the COVID-19 advance to the extent of basic wages and DA (dearness allowance) for three months or up to 75 per cent of the amount standing to member's credit in the EPF account, whichever is less, has provided timely relief to many workers, preventing them from falling into indebtedness," it said.
How to claim PF amount online?
Your EPF account must be KYC-compliant and the UAN number should be activated. You can then log in to the EPF portal and apply for withdrawal. You can click on 'Track Claim Status' to find out the status of your claim. If the status of your claim reflects 'settled' and you have not received the money in your bank account, then know that the payment will not be credited if you have entered the wrong details. It will go back to the concerned PF account number.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.