EPFO has increased the PF auto-settlement limit from ₹1 lakh to ₹5 lakh. Now PF withdrawal is possible within 72 hours without manual verification. This facility will provide immediate funds for illness, education, marriage, and housing.
PF Withdrawal Limit Increased: The Employees Provident Fund Organization (EPFO) has given a big relief to its more than 7.5 crore members. The central government has recently increased the auto-settlement limit for PF account holders from Rs 1 lakh to Rs 5 lakh. That is, now PF account holders will be able to easily withdraw an amount of up to Rs 5,00,000 without any hassle. Union Labor and Employment Minister Mansukh Mandaviya announced this.
What does the increase in PF auto-settlement limit mean?
Under the auto-settlement facility of EPFO, now members can easily withdraw an amount of up to Rs 5 lakh from their Provident Fund (PF) account without manual verification. This limit was earlier only Rs 1 lakh. Manual verification was required to withdraw more than that amount. Due to which the claim process took a lot of time. In view of this problem, now the limit of Rs 100000 has been increased to Rs 500000.
With the implementation of the new limit, PF account holders will not face any problem in withdrawing money for emergency situations like illness, education, marriage, or housing needs. They can easily withdraw money from the account.
You will be able to withdraw up to Rs 500000.
Union Minister Mansukh Mandaviya called it a people-centric step of the Modi government and said that EPFO has increased the auto-settlement limit from Rs 1 lakh to Rs 5 lakh, due to which the claim will now be settled within just 72 hours.
What is auto-settlement facility?
The auto-settlement facility was started in the year 2020 during the Corona epidemic. So that EPFO members can get immediate financial assistance in times of trouble. In this, PF claim is operated by the system, which does not require manual intervention. Due to which this process becomes faster, transparent and error free. EPFO had earlier started this facility only for withdrawal related to illness. But later it was also extended for needs like marriage, education, housing. Now EPFO members will be able to easily claim PF whenever needed with the increased limit of up to Rs 500000.
Let us tell you that EPFO has performed record breaking through auto-settlement. In the financial year 2024-25, the organization settled 2.34 crore advance claims, which is 161% more than the 89.52 lakh claims of the previous year (2023-24).
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