5 Key Changes In EPFO In 2024

Outlook Money

Multi-Location Settlement

EPFO launched a link office arrangement to expedite claim settlements through its multi-location system. This operational enhancement ensures reduced delay and smoother processing in claim settlement by distributing claims evenly across branches.

Extension Of Auto-Settlement Of Claims

The retirement body extended the auto settlement of claims facility to education and marriage claims (under para 68K) and housing purposes (under para 68B). The facility was previously available only for medical claims.

No More Mandatory Uploading Of Cheque Or Passbook

The operational procedure to upload a cheque or passbook unnecessarily delayed claims settlement. EPFO removed this requirement for uploading a cheque leaf or attested passbook copies for eligible cases, facilitating faster claim settlements.

Enhanced PRAYAAS Initiative For Same-Day PPO

On June 21, 2024, EPFO issued a circular with directions to enhance outreach and improve services under the PRAYAAS initiative. The initiative was launched in 2020 to provide the pension payment order (PPO) to the employee on the day of superannuation.

New SOP For Inoperative EPF Accounts

Considering the rising number of inoperative EPF accounts and to reduce them, EPFO issued a new standard operating procedure (SOP) for inoperative EPF accounts through a circular dated August 2, 2024. 

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