The Employees' Provident Fund Organisation (EPFO) has introduced an artificial intelligence-based fully automatic system for settlement of withdrawal claims, Mint reported.
The system was set up in merely five days, at a time when the EPFO was witnessing a rising number of EPF withdrawal requests. Amid the COVID-19 pandemic, when most offices were operating with a very lean staff strength, the EPFO saw more and more subscribers apply for withdrawal of their funds. That is when the body decided to switch to the AI-based settlement system.
The report quoted EPFO as saying that around 54 percent of all COVID-19 claims are now being settled via the automatic settlement system.
The automation of the withdrawal claims settlement system has helped EPFO improve efficiency of the process, with nearly 36.02 lakh claims settled in the April-May period. This is against the 33.75 lakh claims it had settled during the same period last year when workplaces were still functioning at their full strength.
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