EPFO Update: The EPFO continues to provide new facilities to its subscribers, which also benefits them on a large scale. The government has won the hearts of account holders by increasing the auto-settlement limit a few days ago. Apart from this, ATM and UPI facilities are also being introduced for PF employees, which is being discussed rapidly.
If this happens, then employees will not need anyone’s permission to withdraw the PF amount. A large portion of the PF account can be withdrawn through UPI and ATM. When does EPFO implement it has become a big question. However, no official announcement has been made regarding the implementation date.
Be aware of the next plan of the government.
According to news received from sources, the Union Ministry of Labour and Employment is working on a significant project. In this case, a specific portion of the EPF will be stopped, and a large part can be withdrawn through various methods, such as UPI or ATM debit card.
According to sources, some software challenges are arising in its implementation. The work of resolving them will be done soon. Currently, members of the Employees’ Provident Fund Organisation must apply online for their EPF withdrawal claim. This takes a lot of time. PF amounts can be readily withdrawn through ATMs and UPI.
The auto-settlement limit has been increased to this much
PF has announced an increase in the auto-settlement limit for employees. The auto-settlement limit for employees’ advance claims has now been increased to Rs 5 lakh. Employees will be able to withdraw up to Rs 5 lakh from the Provident Fund in an emergency.
Earlier, the limit was Rs 1 lakh. This means that employees will no longer have to worry about withdrawing money. This process can be completed without any problems.