EPFO Update: EPFO is now going to significantly simplify the process of withdrawing funds for provident fund subscribers. With the launch of EPFO 3.0, the provident fund withdrawal process will become much easier, eliminating the need for employees to face any difficulties. The new facility is expected to be operational from April 2026.
This move will provide a huge benefit to approximately 8 crore provident fund subscribers. The withdrawal process will also be very easy for PF members. The rules for PF withdrawals will be simplified and made easier. The decision to extend the auto-settlement period has also been taken. This will benefit employees during emergencies. The rules for withdrawing money have also been simplified.
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BHIM App will also be helpful
The month of April is going to be very special for PF employees. From this month onwards, there will be no need to struggle with complicated portals. As soon as you open the app, you will see two types of balances. Employees will be able to withdraw money easily. Employees can withdraw 25% of their funds, which will also be kept safe for their future.
For security reasons, an initial limit of ₹25,000 has been set. This means that you can make a transaction of ₹25,000 at a time. The EPF member will also be allowed to use the linked UPI PIN to complete the transaction. Once the funds are transferred to the account, the EPFO member can use the money as they wish. The withdrawal process will become very flexible.
Withdrawal has become much easier.
The withdrawal of PF funds has been made much more flexible. The withdrawal limits for education or illness have been made easier. Now, during the membership period, partial withdrawals can be made 10 times for education and five times for marriage.
Earlier, the limit was only three withdrawals in total for both marriage and education. Under the categories of illness and special circumstances, withdrawals can be made three times and two times, respectively,y, in each financial year.
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What is the current process?
Currently, EPFO members have to apply for a withdrawal claim to access their provident fund money. This process is quite time-consuming for employees.
However, under the auto-settlement mode, withdrawal claims are settled electronically within three days of submitting the application form, without any human intervention. The EPFO has increased the auto-settlement limit from ₹1 lakh to ₹5 lakh, representing a significant increase of ₹4 lakh.