If you also suddenly need to withdraw PF (Provident Fund) money for any important work,then now you will not have to wait much. EPFO (Employees Provident Fund Organization) has increased the auto-settlement limit directly from ₹ 1 lakh to ₹ 5 lakh. This means that now PF account holders will be able to withdraw this amount without any more documents.
The biggest thing is that this claim settlement will be done in just 3-4 days,whereas earlier it used to take 10 days or more. This step of EPFO will directly benefit more than 7.5 crore members of the country so that their financial needs can be met easily. So let’s know what benefits you will get from this new rule.
7.5 crore members will get direct benefit
More than 7.5 crore members of EPFO will get the direct benefit of increasing the auto-settlement limit of advance claims from ₹ 1 lakh to ₹ 5 lakh. Secretary of the Ministry of Labour and Employment,Sumita Dawra,has approved the proposal.
Now it will be sent to the Central Board of Trustees (CBT) for final approval. As soon as the green signal is received from there,PF account holders will be able to withdraw up to ₹ 5 lakh through the auto-settlement process. This change is a big relief for employees who often need money suddenly.
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Started from ₹ 50,000,now up to ₹ 5 lakh
Initially,only up to ₹ 50,000 could be withdrawn through auto-claim settlement. EPFO introduced the auto-claim facility in April 2020. Later,in May 2024,it was increased to ₹ 1 lakh. And now,the Employees’ Provident Fund Organization has approved the proposal to increase its limit to ₹ 5 lakh directly. This shows that EPFO understands the needs of its members and is constantly striving to provide them with better facilities.
Auto-claim facility will also be available for marriage,education,and home purchase
EPFO has now decided to provide PF auto-claim facility for marriage,education and home purchase as well. Earlier,the facility of auto-claim from the PF account was available only for illness and hospital expenses. That is,now if you want to withdraw money for a child’s marriage,education,and home purchase,the advance claim will be settled automatically. This will be very beneficial for those who often need to withdraw money from PF for these important needs.
PF money will also be able to be withdrawn from ATM and UPI from May-June
EPFO members will also be able to withdraw PF money through UPI (Unified Payments Interface) and ATM till the end of May or June 2025. This scheme has been approved by the Ministry of Labour and Employment. With the introduction of this facility,you will not only be able to check your PF balance on UPI,but will also be able to easily withdraw the prescribed amount. Along with this,you will also be able to transfer PF money to your preferred bank. This will be a revolutionary step that will make it even easier for PF account holders to access their money.
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