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The Central Provident Fund Organization is constantly making major changes. The EPFO has geared up to provide convenience and quick claim settlement to its 7 crore employees. Soon, PF withdrawals will be possible through ATMs and UPI. The most significant change concerns pensions. Efforts are underway to automate PF fund settlement after retirement. This means that after leaving the job, the entire PF amount will automatically be deposited into the employee's registered bank account. This will eliminate the hassles of office visits.

Currently, partial or advance claims up to ₹5 lakh are automatically settled by the EPFO. This amount is credited to the employee's account within three days of requesting claim settlement. This new change will greatly benefit employees. They will no longer have to wait long to withdraw their full PF amount after leaving their job.

Life insurance PF withdrawal claims of up to ₹50 lakh
will now be processed automatically. This feature was previously limited to advance withdrawals. However, EPFO Commissioner Ramesh Krishnamurthy stated that this automatic process will soon be implemented for final PF settlements. Further major changes are expected after the implementation of the new labor code.

No need to apply

Employees will no longer need to apply for automatic claim settlement of their PF account. Krishnamurthy said that work is being done on the automatic transfer facility so that the relevant PF amount can be withdrawn immediately after leaving the job. Due to the new labor code, all three schemes - EPF Scheme 1952, Insurance Scheme 1976, Employees Pension Scheme 1995 - have been implemented. New technology will now be used for all these schemes. Union Labor Secretary Vandana Gurnani has claimed that EPFO is working to ensure that employees are not treated unfairly.

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