The Employees' Provident Fund Organisation (EPFO) has simplified rules for auto-mode settlement for housing, medical, education or marriage in order to extend convenience to the EPF members. It simply aims to procure funds to the members in case of an emergency.
In India, there are around six crore PF account holders who can be benefitted through the new simplified rules of the EPFO. Earlier, it used to take around 15-20 days to receive the withdrwal as the details of the members such as eligibility status, KYC status, bank account details were checked but now the same can be done within three to four days through the automated system.
Eligibility to make EPFO claims
The facility of auto-mode settlement was started by EPFO in 2020. However, earlier the account holders could claim money for medical reasons. But now, the threshold has been broadened as the members can now claim withdrawal for education, housing or marriage.
How much money can be claimed
The account holders can claim upto Rs 1 lakh for the aforementioned causes. Earlier, the limit was upto Rs 50,000.
Steps to claim your EPFO amount
1. Log in to the EPFO portal using your password and Universal Account Number (UAN).
2. Go on the 'Online Services' section and select the 'claim' option.
3. Verify your account details and click on 'Proceed for online claim'.
4. A new page will appear on your screen. Select 'PF advance form 31'.
5. Select 'PF account' and fill in the relevant details such as the reason for making advance claim, address, etc.
6. You will have to upload a scanned copy of your checkbook or passbook.
7. Provide your consent and verify the same with your 'Aadhar card'. The same will go to your employer for approval.
8. You can check the claim status through online services.
