EPFO: In a surprising revelation, it has come to light that the Employees’ Provident Fund Organisation (EPFO) rejected approximately one-third of the claims it received. This disclosure has prompted concerns and grievances among subscribers who have experienced delays in claim settlements.
Key Points:
- High Rejection Rate: Out of the 73.87 lakh claims received for final PF settlement in the financial year 2022-23, a staggering 33.8% (24.93 lakh) were rejected by the EPFO.
- Increasing Trend: The rejection rate has seen a significant increase compared to previous years. In 2017-18 and 2018-19, the rejection rates were around 13% and 18.2%, respectively.
- Rising Rejection Rates: The rejection rate continued to rise, reaching 24.1% in 2019-20 and escalating further to 30.8% in 2020-21 for final settlement claims.
- Concerns in 2021-22: In the financial year 2021-22, the rejection rate for final settlement claims surged to 35.2%, indicating a disconcerting trend where more than one-third of total claims faced rejection.
The alarming rejection rate has raised questions about the efficiency and transparency of the claim settlement process within the EPFO, the world’s largest social security organization with a massive subscriber base. Subscribers have expressed their grievances on delays and rejections through official channels, prompting a need for a thorough examination and potential reforms in the EPFO’s claim settlement procedures.
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