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Employees Provident Fund Commission i.e. EPFO ​​has given a sigh of relief to PF employees. EPFO has increased the limit of PF auto settlement from 1 lakh to 5 lakh rupees. EPFO members can now automatically withdraw up to Rs 5 lakh through advance claim in any emergency situation. Which means that now any kind of manual checking will not be required to withdraw such a large amount.

Union Labor and Employment Minister Mansukh Mandavia has announced that this change is going to provide any obstacle and time for labor for labor required by immigrant financial help. If someone has the needs of money for medical expenses or home renewal, then you can now automatically withdraw from Rs 1 to 5 lakhs immediately. Mandavia has said that these steps have been taken with the aim of providing employees without any obstruction and timely help. With this, members can easily get money at the time of need.

What was the first rule?

Now only an amount of up to Rs 1 lakh could be withdrawn through an auto settlement under the advance claim by Chak EPFO. Which means that if someone claimed an amount of Rs 1 lakh or less, then this amount was automatically approved under the advance claim and was sent to the account in a few days, but if there is an amount of more than 1 lakh rupees, then it required a manual investigation, which made this process a lot of long. However, now this limit has been increased to Rs 5 lakh.

EPFO records recorded, entry of so many new members in April

What will be the benefit of this?

With this decision of the central government, PF employees can claim a large PF amount through online through online medium. Also, they will not need to wait for a long time as an advance claim. Now these PF employees can be transferred money by sitting at home for a fixed time, which they can use to complete their important tasks.