New Delhi: The central Government keeps making new announcements for PF employees, which benefit everyone. Do you know that the auto settlement limit of EPFO ​​Provident Fund withdrawal is expected to be increased? The auto settlement limit can be increased from Rs 1 lakh to Rs 5 lakh.

According to this, the settlement limit will increase by up to Rs 4 lakh. Most importantly, claim settlement will also be done in 3 to 4 days instead of 10 days. The benefit of the PF auto-claim facility is that it will also be available for marriage, education, and purchase. Earlier, auto claims were available for illness and hospital treatment. This was decided in the meeting held last month.

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The facility will start soon.

This facility will be started as soon as approval is received from the Central Board of Trustees of EPFO. After this, employees will be able to withdraw their PF amount easily. Also, according to Labor and Employment Secretary Sumita Dawra, the ministry approved the recommendation of NPCI. Last week, UPI and ATM systems can be implemented by June this year. As soon as this happens, PF employees will get a bumper benefit. You will not have to wait to withdraw the claim.

Know what the benefit will be?

According to EPFO, 95 percent of the claims will now be based on auto-process. With this, employees will be able to get PF money easily. This will reduce paperwork. Earlier, there were 27 steps to withdraw a PF claim; now there are only 18, and soon, there is a possibility of only six steps.

Can withdraw through UPI and ATM

For information, let us tell you that EPFO can make many significant changes ​​​​by the end of May. With this new change, EPFO ​​​​members can withdraw their PF immediately through UPI and ATM. As soon as the latest change is implemented, they can transfer their funds from the PF account to the bank account. Almost all 7.5 crore employees will benefit from this.

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