Auto Settlement Limit for PF withdrawal: Reports suggest that the Centre is going to increase the auto settlement limit for PF withdrawal from Rs 1 lakh to Rs 5 lakh. Recently, Union Minister Shobha Karandlaje told the Lok Sabha that more than 60% of advance claims are now being processed in this manner.

Auto Settlement Limit for PF withdrawal: The Employees’ Provident Fund Organisation has taken several steps for the convenience of PF account holders in the last few years, one of which includes the introduction of the auto-settlement mode for advance claims. Once again, EPFO ​​is going to give a big relief to crores of members. Reports suggest that the Centre is going to increase the limit of auto settlement of PF withdrawal from Rs 1 lakh to Rs 5 lakh.

Recently, Union Minister Shobha Karandlaje told the Lok Sabha that more than 60% of advance claims are now being processed in this manner.

Will you be able to withdraw up to Rs 5 lakh from your PF account?

Sources told ANI that the Secretary in the Ministry of Labour and Employment, Sumita Dawra, approved the proposal to increase the limit in the 113th meeting of the Central Board of Trustees (CBT) held in Srinagar last week. This change in the limit will provide great relief to crores of members. This recommendation will now go to the CBT (Central Board of Trustees) for approval. That is, as soon as this recommendation gets the final approval of the CBT, EPFO ​​members will be able to withdraw up to Rs 5 lakh from their PF account for education, marriage, house and treatment.

No, PF money can be withdrawn through UPI and ATM.

EPFO is ready to start a new system, soon, PF withdrawal will be possible through the Unified Payments Interface. UPI. Last week, Dawra had indicated that the ministry has approved the recommendation of NPCI. By the end of May or June this year, members will be able to withdraw PF money through UPI and ATM.

PF withdrawal will be easier. Noww

The report also quoted sources as saying that the validation formalities for PF withdrawal have also been reduced from 27 t,o 18, and it was decided in the meeting to reduce it to 6. Some validations have been developed to guide members about the eligibility of the claim and ensure that they do not file ineligible claims.

When did the auto claim process start?

EPFO started the auto claim system in April 2020 for advance payment of illness or hospitalisation. Last year, its limit was increased from Rs 50 thousand to Rs 1 lakh. Later, EPFO ​​​​started auto mode settlement for making advance claims for 3 more categories: education, marriage and housing. N, ow more than 99.31% of the claims are received in online mode and are processed within three days. This has also reduced the claim rejection rate from 50% to 30%.

The advantage of this process is that 95% of the claims are settled in just 3 days. Union Minister Karandlaje said that till March 6, 2025, EPFO ​​​​has done 2.16 crore auto-claim settlements, which is many times more than 89.52 lakh claims in 2023-24.