EPFO- Good news for EPFO members. The Employees Provident Fund Organization (EPFO) has given a big relief to PF employees. EPFO ​​has increased the limit of auto settlement from Rs 1 lakh to Rs 5 lakh. EPFO ​​members can now automatically withdraw up to Rs 5 lakh through advance claim in any emergency, that is, now there will be no need to manually check to withdraw such a large amount.

This change, announced by Union Labor and Employment Minister Mansukh Mandaviya, is going to provide seamless and timely assistance to workers who need immediate financial assistance. If someone needs money for medical expenses or home renovation, then now one can automatically withdraw Rs 1 to 5 lakh immediately. Mandaviya said that this decision has been taken with the aim of providing seamless and timely assistance to the workers. This will make it easier for the members to get money in times of need.

What was the rule earlier?

Till now, only an amount of up to Rs 1 lakh was withdrawn by EPFO ​​under advance claim through auto settlement. That is, if someone claimed an amount of Rs 1 lakh or less, then this amount was automatically approved under advance claim and was sent to the account after a few days, but if the amount was more than Rs 1 lakh, then manual verification was required for it, due to which this process became very long. However, now this limit has been increased to Rs 5 lakh.

This change, announced by Union Labor and Employment Minister Mansukh Mandaviya, is going to provide seamless and timely assistance to workers who need immediate financial assistance. If someone needs money for medical expenses or home renovation, then now one can automatically withdraw Rs 1 to 5 lakh immediately. Mandaviya said that this decision has been taken with the aim of providing seamless and timely assistance to the workers. This will make it easier for the members to get money in times of need.

What was the rule earlier?

Till now, only an amount of up to Rs 1 lakh was withdrawn by EPFO ​​under advance claim through auto settlement. That is, if someone claimed an amount of Rs 1 lakh or less, then this amount was automatically approved under advance claim and was sent to the account after a few days, but if the amount was more than Rs 1 lakh, then manual verification was required for it, due to which this process became very long. However, now this limit has been increased to Rs 5 lakh.