EPFO Update: PF account holders rejoice! Now you will get Rs 1 lakh under this new facility, know the details

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PF Interest Rate: During the financial year 2023-24, EPFO has settled 4.45 crore claims. Under the new facility, you can withdraw up to Rs 1 lakh for education, marriage or housing needs.
Auto Claim Settlement Facility: If you are also a salaried class then this news is useful for you. Yes, now a new facility has been started by EPFO for the employed. Under this facility, if you need money for education, marriage and house, then you can avail the facility of fast approval. In this facility, your claim is checked through computer and it is approved quickly. Till now this facility was given to account holders in cases related to illness. But now more than 6 crore EPFO members can avail its benefit in need of money for education, marriage and home.

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4.45 crore claims settled

In the information given by EPFO, it was also told that the limit of this facility has been doubled from the earlier Rs 50,000 to Rs 1 lakh. According to a statement, EPFO has settled about 4.45 crore claims during the financial year 2023-24. Of these, more than 60 percent (2.84 crore) claims were advance (withdrawal of money on the basis of illness, marriage, education). If understood in simple language, it means that you can withdraw up to Rs 1 lakh for education, marriage or housing needs.

Approval is received in 3-4 days

Out of all the advance claims approved last year, about 90 lakh claims were auto settled. In the new system, all work is done through computers, due to which there is no need of manpower for any work. This is the reason why the time taken for approval of advance claims has also reduced. Earlier it used to take 10 days. But now this work is done in just 3-4 days.

Facility started from May 6

If the computer system does not approve a claim, it is not returned or canceled; rather, such cases are re-examined and then approved. The facility of passing claims in automatic mode has been implemented by EPFO from May 6, 2024. Till now 13,011 people have got benefit through this. According to the news published in Economic Times, Rs 45.95 crore has been approved so far.

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