Settlement of the piled raft can be estimated even after years of completing the construction of any structure over the foundation. This study is devoted to carry out numerical analysis by the finite element method of the consolidation settlement of piled rafts over clayey soils and detecting the dissipation of excess pore water pressure and its effect on bearing capacity of piled raft foundations. The ABAQUS computer program is used as a finite element tool and the soil is represented by the modified Drucker-Prager/cap model. Five different configurations of pile groups are simulated in the finite element analysis. It was found that the settlement beneath the piled raft foundation resulted from the dissipation of excess pore water pressure considerably affects the final settlement of the foundation, and enough attention should be paid to settlement variation with time. The settlement behavior of unpiled raft shows bowl shaped settlement profile with maximum at the center. The degree of curvature of the raft under vertical load increases with the decrease of the raft thickness. For the same vertical load, the differential settlement of raft of ($10{ imes}10m$) size decreases by more than 90% when the raft thickness increased from 0.75 m to 1.5 m. The average load carried by piles depends on the number of piles in the group. The groups of ($2{ imes}1$, $3{ imes}1$, $2{ imes}2$, $3{ imes}2$, and $3{ imes}3$) piles were found to carry about 24%, 32%, 42%, 58%, and 79% of the total vertical load. The distribution of load between piles becomes more uniform with the increase of raft thickness.