look news india
Employees Provident Fund Organization (EPFO) has simplified the process of withdrawing money for treatment, education, marriage and buying a house. For this, the facility of automatic claim settlement (auto mode settlement) has been started. The money will reach the account within three days. Currently it took 10 to 15 days for this money to reach the account.
EPFO usually takes some time to settle advance claims. Because during this time the EPF member's eligibility, documents submitted for claim, KYC status, bank account verification etc. are checked. In this process most invalid claims are rejected. Human intervention in this process will now completely end.
Members will be able to withdraw up to Rs 1 lakh and
The claim for the amount passed in this process will be automatically decided. KYC, eligibility and bank account verification will be done through IT tools. Due to which the claim settlement period will reduce from 10 days to 3-4 days. A member can withdraw up to Rs 1 lakh through auto mode settlement. Earlier this amount was limited to Rs 50,000.
Claims will not be rejected
Under the new process, if a claim is not automatically settled, it will not be returned or rejected. The claim will be escalated to the next level for investigation and approval and settlement.
This way you
You can withdraw money from PF account under auto mode, for this you will have to apply through e-seva portal of EPFO. For this the member will have to fill Form 31 online and submit it.
What is the loss on withdrawing money from PF?
If you withdraw Rs 10 thousand, there will be a loss of Rs 50 thousand after 20 years and Rs 1 lakh 14 thousand after 30 years.
If you withdraw Rs 20 thousand now, there will be a loss of Rs 1 lakh 01 thousand after 20 years and Rs 2 lakh 28 thousand after 30 years.
If you withdraw Rs 50 thousand, there will be a loss of Rs 2 lakh 53 thousand after 20 years and Rs 5 lakh 71 thousand after 30 years.
If you withdraw Rs 1 lakh now, the loss will increase to Rs 5 lakh 07 thousand after 20 years and Rs 11 lakh 43 thousand in 30 years.
If you withdraw Rs 2 lakh now, there will be a loss of Rs 10 lakh 15 thousand and Rs 22 lakh 87 thousand in 20 years.