New Delhi, June 10: The Employees' Provident Fund Organisation (EPFO) is using artificial intelligence (AI) to settle COVID-19 related claims within a record period. The state-run body, which has been flooded with lakhs of claims since the imposition of lockdown to contain coronavirus, launched the AI tool to reduce burden on their staff. EPF Update: Govt Notifies Cut in Employees' Provident Fund Contribution to 10% for May, June, July 2020.
Due to the automation, nearly 80,000 claims per day with an estimated valuation of around Rs 270 crore are being cleared without human involvement. A statement issued by the EPFO said the number of settlements through AI accounts for 54 percent of the total claims in a day.
The Finance Ministry, in April, granted permission to employees who have not lost their source of employment to apply for special COVID-19 claim via the online portal of EPFO. Under ordinanary circumstances, provident fund could be withdrawn only after two months of quitting the last job.
But after the breakout of coronavirus and the subsequent distress in the organised sector, the government allowed employees to file for special claims which allow them to withdraw 75 percent of their EPF deposit or three months of basis pay and dearness allowance -- whichever is less.
Despite working with only 50 percent staff due to ensure social distancing, the EPFO succeeded in settling claims within 10 days. The Organisation, in a statement, said a total of 36.02 lakh claims were settled in April-May 2020.
After the AI tool was launched, the period to settle claims was cut to three days. The artificial intelligence can, however, only be used if the EPF account is completely e-KYC compliant. An official, while speaking to reporters, said the pressure on EPFO staff and time taken for settlements could be drastically reduced if the AI technology is use for non-coronavirus related claims as well.
(The above story first appeared on LatestLY on Jun 10, 2020 03:57 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).