Employees Provident Fund Organization (EPFO) has made changes in many rules, so that employees do not have to face any kind of problems. EPFO has also provided the facility of auto-mode settlement for advance claims for medical, education, marriage and housing purposes. PF account holders whose income is more than Rs 6 crore can avail the benefit of this facility. This is a facility which provides funds to people in case of emergency.
Earlier it used to take 15 to 20 days to claim this facility of EPFO, but now this work is done within 3 to 4 days. This much time was also taken because details like member’s eligibility, documents, KYC status of EPF account, bank account etc. were checked. But now in the automated system they are sent for scrutiny and approval, so that the claim can be made easily.
Who can claim?
The auto mode for claim settlement of this fund in emergency was started in April 2020 itself, but at that time money could be withdrawn only in times of illness. Now its scope has been expanded. You can withdraw money from EPF for illness, education, marriage and even buying a house. At the same time, if sister and brother are also married in the house, then they can also withdraw advance money.
Up to how much money can be withdrawn?
Now advance funds can be withdrawn up to Rs 1 lakh from EPF account, whereas earlier this limit was Rs 50 thousand. Withdrawal of advance funds can be done through auto settlement mode computer. For this, no approval is required from anyone and the money will be sent to your account within three days. For this, it is necessary to provide KYC, eligibility of claim request, bank account details.
Complete process of withdrawing money
- First of all login to EPFO portal using UAN and password.
- Now you have to go to online services and select ‘Claim’ section. Verify bank account, click on Proceed for Online Claim.
- When the new page opens, you will have to select PF Advance Form 31. Now you have to select PF account.
- Now you will have to fill the reason for withdrawing money, how much money to withdraw and the address. After this, the scanned copy of the check or passbook will have to be uploaded.
- After this you will have to give consent and verify it with Aadhaar. After the claim is processed, it will go to the employer for approval.
- You can check the claim status under online service.