EPFO News: The government has increased the automatic settlement limit of advance withdrawal from PF accounts for EPFO members from Rs 1 lakh to Rs 5 lakh. Now employees will be able to withdraw up to Rs 5 lakh in three days without any human intervention. This facility will be applicable to needs like education, marriage, illness and housing. In the financial year 2024-25, EPFO has settled a record 2.34 crore claims, which proves the transparency and effectiveness of the digital process.
EPFO News: There is great news for crores of employees of the country. Now the members of the Employees’ Provident Fund Organization (EPFO) will be able to automatically withdraw an advance amount of up to Rs 5 lakh from their PF accounts. Labor and Employment Minister Mansukh Mandaviya has announced this new facility on Tuesday, which will provide great relief in times of urgent needs.
Limit increased from Rs 1 lakh to Rs 5 lakh
Till now, automatic settlement of advance withdrawal of up to Rs 1 lakh was possible from EPFO, but the government has increased it to Rs 5 lakh. This means that now this amount will reach the employees’ accounts within three days without any human intervention.
In which cases advance withdrawal is available?
EPFO first started this facility during the COVID-19 pandemic. Under this, employees can withdraw advance amount for needs like illness, education, marriage and housing. This entire process is automated by the system, which ensures both transparency and speed.
Automatic settlement increased to record level
According to Union Minister Mansukh Mandaviya, in the financial year 2024-25, EPFO automatically settled 2.34 crore advance claims, whereas in 2013-14 this figure was only 89.52 lakh. This shows an increase of 161%. In the financial year 2023-24, the share of automatic settlement claims was 31%, which has now increased to 59%.
76 lakh claims settled in the first two and a half months of 2024-25
At the beginning of the current financial year itself, EPFO has automatically settled 76.52 lakh claims. It is clear from this that the new system is benefiting the employees a lot and the process has become much faster and reliable.
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