EPFO Rule Change: If you are an EPFO subscriber, then important news is coming out for you. EPFO keeps making many changes in the rules from time to time to benefit its subscribers so that the employees do not have to face any kind of problem.
At the same time, EPFO is also providing the facility of auto-mode settlement for advance claims of medical, education, housing purposes, marriage, etc. PF account holders benefit from this facility. This benefit is currently being utilized by over 6 crore people. Employees get emergency funds in this facility.
Earlier, 15 to 20 days were available to claim this facility of EPFO, but now this work is done within 3 to 4 days. Earlier, it used to take more time because the eligibility of the subscribers, documents, KYC status of the PF account, account details, etc. were checked. But an automated system has been started by EPFO so that the claim can be easily received.
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Who can claim?
We have activated the auto mode to settle claims from this fund during emergencies. It was launched in April 2020. At that time, individuals could only withdraw money during periods of illness. Now its scope has also increased. Money can be withdrawn from EPF for illness, education, marriage, and home purchases. At the same time, if the parents are ill or the sister’s marriage is there, then money can be withdrawn in advance.
How much money can be withdrawn?
An advance fund can now be withdrawn up to Rs 1 lakh from a PF account. Whereas earlier this limit was fixed at Rs 50 thousand. The work of withdrawing advance funds is done by an auto-setup mode computer. No approval is required for this, and the money will be sent to your account within three days. For this, KYC, eligibility for a claim request, bank account details, etc. have to be given.
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What is the process of withdrawing money?
First of all, you have to go to the EPFO portal and login.
After this, you have to visit the online service and select the claim option.
We now need to verify the bank account.
Next, click Proceed for Online Claim.
A new page will now appear in front of you, and you must select Form-31.
After that, you must choose the PF account.
You now need to provide the reason for the withdrawal as well as the amount of money.
After that, you must upload the passbook and the scanned copy.
Now consent has to be given, and it has to be verified with Aadhaar.
The employer will review the claim after processing it.
You can check the claim status.