EPFO launches artificial intelligence tool for faster claim settlement

NEW DELHI: With the rise in number of provident fund users opting for withdrawal amid the coronavirus pandemic, Employees' Provident Fund Organisation or EPFO launched an artificial intelligence tool to fasten the claim settlement process.
The retirement funds body which was witnessing staff shortage, stated that it has "significantly brought down the claim settlement period from around 10 days to roughly 3 days for COVID-19 advances." EPFO mentioned that it worked "with less than 50 per cent staff during the lockdown."
"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," EPFO said in a notification.
It added that the tool "is expected to drastically cut down claim settlement time for EPFO in future."
Despite the lockdown restrictions, EPFO further said that it has settled 36.02 lakh claims and disbursed Rs 11,540 crore to its members during lockdown in the last two months.
Out of this, 15.54 lakh claims, which saw disbursement of Rs 4,580 crore to claimants, were related to the recently introduced COVID-19 advance under Pradhan Mantri Garib Kalyan Yojana (PMGKY).
The COVID-19 advance has been a great help to EPFO members during these difficult times, especially for the members with monthly wages of less than Rs 15,000.
"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.
(With PTI inputs)