The Employees’ Provident Fund Organisation (EPFO) has given a big relief to its 7.5 crore members. The auto-settlement limit for PF withdrawal has now been increased from ₹ 1 lakh to ₹ 5 lakh. This means that PF account holders can now withdraw this amount without any documents.
Moreover, the claim settlement process, which used to take 10 days earlier, will now be completed in just 3-4 days. The EPFO has also decided to extend the auto-claim facility for withdrawals related to marriage, education and home purchase. Earlier this facility was available only for medical treatment and hospital expenses.
Now Withdraw PF Using UPI and ATMs – EPFO
According to reports, the proposal was approved during the CBT meeting held in Srinagar chaired by Labour and Employment Ministry Secretary Sumita Dawra.
Additionally, another big information was shared in the meeting – EPFO members will soon be able to withdraw their PF through UPI and ATM by the end of May or June this year.
Limit Increased Multiple Times
It is worth mentioning that EPFO had introduced the auto-claim facility for its members in April 2020, with the initial limit being ₹50,000. In May 2024, the Employees’ Provident Fund Organization (EPFO) increased the PF auto-claim limit from ₹50,000 to ₹1 lakh. Now, after the proposal is approved, the limit has been increased from ₹1 lakh to ₹5 lakh, giving even bigger relief.
Decline in Claim Rejection Rate
During the meeting, it was also informed that the rate of rejection of PF claims is continuously decreasing. Earlier, about 50% of the claims used to get rejected, but now this number has come down to just 30%. This improvement is the result of continuous efforts by EPFO to simplify its rules and procedures.
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