New Delhi. There is a big good news for 7.5 crore members of the Employees Provident Fund Organization (EPFO). EPFO is going to increase the auto settlement limit of Provident Fund (PF) withdrawal from Rs 1 lakh to Rs 5 lakh.
Claim settlement will also now happen in 3-4 days instead of 10 days. At the same time, now PF auto-claim facility will also be available for marriage, education and house purchase. Earlier auto-claim was available only for illness and hospital expenses. According to a report by news agency ANI, this decision was taken in the 113th meeting of the Central Board of Trustees (CBT) chaired by Sumita Dawra, Secretary, Ministry of Labor and Employment. This meeting was held in Srinagar on 28 March.
This facility will start as soon as the Central Board of Trustees (CBT) of the Employees’ Provident Fund Organization approves it. After which employees will be able to withdraw their PF easily. Last week, Labor and Employment Secretary Sumita Dawra said that the ministry has approved the recommendation of NPCI and members can withdraw PF through UPI and ATM by the end of May or June this year.
What will be the benefit
According to EPFO, 95 percent of claims will now be auto-processed. This will ensure that employees get their PF money immediately. Paperwork will be reduced. Earlier there were 27 steps to get a PF claim, now there are only 18 and soon there will be only six steps left.
Withdrawal from UPI and ATM
The Employees’ Provident Fund Organization (EPFO) is going to make a big change by the end of May or early June 2025. With this new change, EPFO members will be able to withdraw their Provident Fund (PF) instantly through UPI and ATM. Sumita Dawra, Secretary, Ministry of Labor and Employment, gave this information a few days ago. He told that members will also be able to check their PF balance directly on the UPI platform and transfer funds to their preferred bank accounts without any delay. This will make it easier for employees to access their money in times of need.
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