New Delhi: If your PF money is being deducted while working in a private company, then the government has made a big announcement. The EPFO has decided to increase the auto-settlement limit for advance claims. This limit has been increased from Rs 1 lakh to Rs 5 lakh.
According to sources, this step will ease the transition of 7.5 crore EPFO members. Secretary of the Ministry of Labor and Employment, Sumita Dawra, has approved this proposal. This approval was received at the 113th meeting of the Central Board of Trustees in Srinagar, Jammu and Kashmir. The meeting was held on March 28. Since then, a lot of enthusiasm has also been seen on the employees’ faces.
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The standard of living of crores of PF employees will improve
After getting the final approval from CBT, the standard of living of crores of PF employees will improve significantly. Now the recommendation can be sent to CBT soon. EPFO members can easily withdraw up to Rs 5 lakh under auto-settlement. Auto settlement claim is a system through which claims are settled automatically.
The most important thing is that it also takes very little time. There is also less human interference. There has been a significant increase in EPFO’s auto-settlement process. Till March 6, 2025, a record 2.16 crore auto-claims have been processed. Last year, this figure was only 89.52 lakh. Now 95% of the claims are automatically settled within three days.
Know what the benefit will be?
According to Central Provident Fund Commissioner Ramesh Krishnamurthy, the auto-settlement process has simplified the claim settlement. This will also take significantly less time, and the employees will be saved from getting upset. He said that we will work to make this process even better. Anyway, our aim is for all members to withdraw PF funds easily. EPFO has also increased the number of categories for which advance claims can be settled automatically.
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