EPFO Update: If you have a PF employee in your family, several excellent schemes are being run by the government. EPFO also continues to establish new facilities for its PF employees. Did you know that EPFO made a significant change a few days ago, increasing the withdrawal limit automatically?
You can easily withdraw up to Rs 5 lakh as an auto claim. Earlier, this limit was Rs 1 lakh. EPFO had increased it by Rs 4 lakh a few days ago. After the new proposal, this limit has been increased to a total of Rs 5 lakh. This means that employees can easily claim their PF amount without any manual verification.
New limit for auto claim
EPFO members could only perform auto-claiming of PF up to Rs 1 lakh. Manual verification of EPFO officials was required for withdrawals exceeding Rs 1 lakh. After the new proposal, it has been decided to increase this limit to Rs 5 lakh. This means that employees can now easily claim their PF amount without any manual verification.
Auto Settlement of Advance Claim is an automated system. It approves the claim of PF withdrawal or settlement for employees without any delay. Provided that the employee’s KYC (Aadhaar, bank account) is verified with EPFO. There is no need to submit documents or visit the office during this process. The claim is typically approved within 3 to 5 days.
You can also withdraw PF money like the
EPFO is set to launch a new facility for its employees soon. EPFO employees can also withdraw their PF money through UPI and ATM. For this, EPF will provide employees with a special ATM card.
With this, they will be able to withdraw the PF amount directly from the ATM. At the same time, through UPI, employees can check their PF balance and transfer it to their bank account.