EPFO: Employees Provident Fund Organization (EPFO) is bringing great relief for its members. It is expected that in the next meeting of the Central Board of Trustees (CBT) to be held in May, the Auto-Setailment Limit (ASAC) of the advance claim can be approved to increase from Rs 1 lakh to Rs 5 lakh. With this, about 7.4 crore active members of EPFO ​​will be able to withdraw a large amount from their PF account directly, without any manual verification.

At present, this limit is Rs 1 lakh, which was increased from 50 thousand in May 2024 itself. But now it is ready to increase it from five times to 5 lakhs. According to the news of media, the number of auto claim settlements was around 90 lakhs in FY 2023-24, which has increased to 2 crore in 2024-25. This indicates that auto-seterance facilities have been very beneficial for members.

ATM and UPI withdrawal facility also soon

Another important decision can be taken in the next meeting of CBT. From June, EPFO ​​claims can also be extracted through digital platforms like ATM and UPI. For this, the National Payments Corporation of India (NPCI) has prepared a technical structure. If this decision is passed, withdrawing money from PF will be as easy as withdrawing cash from ATM.

You will get money without cutting

This step of EPFO ​​will get the money immediately and easily for needs like medical emergency, home repair or higher education. Earlier, the EPFO ​​office had to go to the EPFO ​​office for withdrawal of above 1 lakh and the process of physical verification was longer. But now this obstacle will be removed.

Administrative trouble will be reduced

According to Grant Thorndon India partner Akhil Chandana, “ASAC limit is a welcome step. This will give PF account holders funds fast in emergency and will also reduce work pressure on EPFO ​​officials.”

What is auto claim settlement

EPFO i.e. Employees Provident Fund Organization has introduced such a system of Auto Claim Settlement for the convenience of its members, so that you can withdraw money from your PF account under certain circumstances without any office. This is a digital process in which if you withdraw money for some special reasons such as medical emergency, home repair, marriage or studies.