Union Labour Minister Mansukh Mandaviya on Tuesday announced raising the limit from Rs 1 lakh to Rs 5 lakh for auto-settlement of claims for advance withdrawal from employees’ provident fund accounts.
The move will enable members of retirement fund body EPFO to get their advance withdrawal claims of up to Rs 5 lakh settled within three days.
At present, the limit through auto-settlement mode having three-day deadline is Rs 1 lakh.
“The EPFO has increased auto-settlement limit for advance claims from Rs 1 lakh to Rs 5 lakh to facilitate faster fund access for EPFO members, especially in times of urgent needs,” Mandaviya told reporters here.
This major service enhancement is expected to benefit lakhs of members, he added.
The Employees’ Provident Fund Organisation (EPFO), which has more than 7 crore members, had first introduced online auto-settlement of advance claims during the COVID-19 pandemic to provide quick assistance to those facing financial crunch.
Since then, the facilit