EPFO Update: Employees Provident Fund Organization (EPFO) changes many rules from time to time so that employees do not have to face any kind of problems. The central government has not yet transferred the interest money to the PF employees’ accounts.
All PF employees are eagerly awaiting this sum. The government is reportedly planning to deposit interest money into the EPF account soon. The government will deduct the PF money of employees working in the private sector.
According to the media reports, the interest money will soon come into account from the EPFO side. About 7 crore employees will get benefit from this.
EPFO has not yet officially shared any information regarding the payment of interest amount. According to media reports, the account will receive the interest funds in September.
On the other hand, EPFO has provided the facility of auto-mode settlement for advance claim for medical, education, marriage and housing purposes. Benefit of this facility PF account holders, who have more than 6 crore can avail the benefit.
Previously, it took 15 to 20 days to claim this EPFO facility, but now it only takes 3 to 4 days. Details like member’s eligibility, document, KYC status of EPF account, bank account were checked well before getting money into the account. But now in an automated system they are sent for scrutiny and approval so that the claim is made without any hassle.
Who can claim?
Auto mode was introduced in April 2020, but at that time, money could be withdrawn only during illness. However, its scope has now expanded.
Money can also be withdrawn from EPF for sickness, education, marriage and buying a house. Simultaneously, if a sister and brother in the house get married, they can withdraw the advance money without any complications.
How many rupees can you withdraw money?
Advance funds from EPF account can now be withdrawn up to Rs 1 lakh, whereas earlier this limit was only up to Rs 50 thousand. Advance fund withdrawal can be done through auto settlement mode computer. It does not require approval from anyone. The money reaches your account within three days, which is the best part.