look news india
EPFO Claim: The Employees Provident Fund Organization (EPFO) has made changes in many rules so that employees do not face any kind of trouble. At the same time, EPFO has also provided the facility of auto-mode settlement for advance claims for medical, education, marriage and housing purposes. PF account holders with more than 6 crores can avail this facility. This is a facility that provides funds to people in emergency.
Earlier it used to take 15 to 20 days to avail this facility of EPFO, but now this work is done in 3 to 4 days only. This much time was taken because details like eligibility of the member, documents, KYC status of EPF account, bank account etc. were checked. But now the approval is sent after checking in the automated system, which makes the claim easy.
Who can make a claim?
In case of emergency, the auto mode for claim settlement of this fund was started in April 2020 itself, but, then money could be withdrawn only in case of illness. Now its scope has been increased. You can also withdraw money from EPF for illness, education, marriage and buying a house. At the same time, if there is a marriage of a sister or brother in the family, then also advance money can be withdrawn.
How much money can be withdrawn?
Now advance funds up to Rs 1 lakh can be withdrawn from EPF account, whereas earlier this limit was Rs 50 thousand. Advance funds can be withdrawn through auto settlement mode on the computer. No approval is required for this and the money will be sent to your account within three days. For this, KYC, eligibility of claim request, bank account details are required.
Complete process of withdrawing money
- Firstly log in to the EPFO portal using UAN and password.
- Now you have to go to online services and select the 'Claim' section. Verify the bank account, click on Proceed for Online Claim.
- On the new page that opens, select PF Advance Form 31. Now select PF Account.
- Now you have to fill in the reason for withdrawing money, how much money you want to withdraw and the address. After this, you have to upload a scanned copy of the cheque or passbook.
- After this you have to give consent and verify it with Aadhaar. After the claim is processed, it will go to the employer for approval.
- Under online service you can check the status of the claim.