The Employees’ Provident Fund Organisation (EPFO) has recently informed that the auto settlement mode for PF account holders can be changed. For advance claims, the limit of auto settlement mode of PF withdrawal by the central government can be increased from Rs 1 lakh to Rs 5 lakh.
EPFO Auto Settlement advance claim
Sumita Dawra, Secretary, Ministry of Labour and Employment, informed that the proposal has been approved in the 113th meeting of the Executive Committee of EPFO. After this, the proposal will now go to the Central Board of Trustees (CBT) and after getting approval from here, the employees will be able to withdraw up to Rs 5 lakh from the PF account without manual verification.
Earlier in May 2024, EPFO had increased the claim limit in auto settlement mode by Rs 50,000 to Rs 1 lakh.
Crores of PF members will benefit
Crores of PF members can take advantage of this change. With this, auto claim of up to Rs 1 lakh of EPFO members is done. Withdrawals beyond this have to be processed manually by EPFO officials. Auto Settlement Claim Mode Till now this facility was limited only to the condition of illness and hospitalization, but now it has also been implemented in three new areas like education, marriage and buying a house.
EPFO members will soon get UPI facility
EPFO is soon going to start the facility of PF withdrawal through UPI. The Employees’ Provident Fund Organization (EPFO) is now working to make the process of withdrawing PF easier and faster. At present, it takes several days or weeks to get money after claiming online, but now EPFO is going to be connected to the UPI process, which will make it faster and easier to withdraw money.
The new facility can be launched for members by the end of May 2025 or early June. With this, people will be able to withdraw money easily through UPI. Sumita Dawar, Secretary, Ministry of Labour and Employment, had informed that now employees will be able to withdraw up to Rs 1 lakh immediately in an emergency.
In addition, members will now be able to view their PF balance directly on the UPI platform and transfer money to the bank account of their choice without any delay. This feature will be especially helpful in situations where money is needed immediately.
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