New DelhiA few moments ago
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The proposal was passed in the 113rd meeting of EPFO’s Executive Committee (EC) held in Srinagar on March 28.
Now up to 5 lakh rupees can be withdrawn from PF account in emergency or time of need. Earlier this limit was ₹ 1 lakh. Union Minister Mansukh Mandavia has given this information on 24 June.
Earlier, Sumita Davra, Secretary, Ministry of Labor and Employment, passed the proposal in the 113rd meeting of the EPFO’s Executive Committee (EC) held in Srinagar on March 28.
Automatic process is auto settlement
- In auto settlement, the PF withdrawal claim is automatically processed by the system. It does not have very little or less human intervention.
- If your UAN (Universal Account Number) is link to Aadhaar, PAN and bank account, and KYC is fully updated, the system checks your claim.
- This process is faster because it is completely online and based on the IT system. The claim in auto settlement is processed in 3-4 days.
- EPFO has introduced auto settlement facility for certain types of claims (such as medical, education, marriage, or housing).
Manual settlement takes 15-30 days
- EPFO employees set the PF claim in manual settlement. It takes 15-30 days.
- For this, online or offline form (eg Form 19, 31, 10C) is to be filled.
- EPFO employees then check your documents, KYC, and eligibility.
- If you do not have an exit date update or any document is low, the claim may be delayed.
- Large or complex claims (such as retirement or final settlements) often have manual examination.
Soon PF’s money will be withdrawn from UPI-Atm
According to media reports, under the draft of EPFO 3.0, employees may soon get the facility to withdraw PF money directly from ATM and UPI.
In this, PF account holders will be given withdrawal cards. This bank will be like ATM card. Only one fixed amount can be withdrawn under the new facility.
At the same time, to withdraw money from UPI, PF account will have to be linked to UPI. After this, subscribers will be able to transfer PF money to their bank account.
75% money of PF will be withdrawn after one month after going to the job
Under the PF withdrawal rule, if a member’s job goes away, then after 1 month he can withdraw 75% money from PF account. With this, he can meet his needs during unemployment. The remaining 25% stake in PF can be extracted two months after leaving the job.
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