EPFO Update – Big news for EPFO members. This news related to Provident Fund will benefit crores of account holders. The auto-settlement limit has been increased from Rs 1 lakh to Rs 5 lakh. Also, keeping in mind the convenience of its members, EPFO has also abolished another obligation related to documents. Earlier, while making online claims, account holders had to upload a copy of a cancelled cheque or passbook, but now this requirement has been removed. This will reduce the problem of claim rejection due to poor quality of documents.
There is no need to follow the manual process to withdraw PF in an emergency. Through the auto-settlement process, PF can be withdrawn from EPFO without manual approval. Now you will not have to visit the EPFO office for this. The system will automatically approve your claim and transfer the amount to your bank account.
This decision will benefit the employees the most who need immediate financial assistance for needs like medical emergency, house construction, marriage or children’s education. By getting immediate assistance of up to Rs 5 lakh, they will not have to resort to loans or other options.
Now you will get the claim amount faster
It has been seen many times that the claim was rejected due to lack of clarity in the scanned copy of the check or passbook. Now with the relief from this process, lakhs of employees will be able to get their claim amount quickly. Till now, EPFO members could claim only up to Rs 1 lakh through auto-settlement. But now this limit has been increased to Rs 5 lakh. This means that eligible account holders can now receive an advance amount of up to Rs 5 lakh directly in their bank account without any delay.
This decision will promote Digital India
This decision of EPFO is an important step towards promoting Digital India and Ease of Doing Services. Now the entire process of PF claim has become more digital, transparent and user-friendly. This will not only save the time of the account holders but will also give them mental relief, especially when they are facing an emergency. This step taken by EPFO is a timely initiative by the organization understanding the needs of the employees.
This will not only provide financial relief to millions of employees, but they will also be able to experience the increasing transparency and simplicity in government services through technology. This change will help in making the services of EPFO more reliable and effective.