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 apply to needs like education, marriage, illness and housing. In the financial year 2024-25, EPFO has settled a record 2.34 crore claims, proving the transparency and effectiveness of the digital process.
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 announced this new facility on Tuesday, which will provide great relief in times of urgent needs.
Limit increased from 1 lakh to 5 lakh
Till now, automatic settlement of advance withdrawal up to Rs 1 lakh was possible by EPFO, but the government has increased it to Rs 5 lakh. This means that now this amount will be able to reach the employees’ accounts within three days without any human intervention.
In which cases is advance withdrawal 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.
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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%. The share of automatically settled claims was 31% in the financial year 2023-24, 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. This clearly shows that the employees are getting full benefit of the new system and the process has become much faster and reliable.
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