EPFO members take note! Advance withdrawal limit via auto settlement mode hiked to Rs 5 lakh; ATM withdrawals for PF accounts soon
EPFO advance withdrawal limit through auto settlement mode hiked! Labour Minister Mansukh Mandaviya announced on Tuesday an increase in the auto-settlement threshold for provident fund advance withdrawals from Rs 1 lakh to Rs 5 lakh.
Tired of too many ads? go ad free now
This enhancement allows EPFO (Employees' Provident Fund Organisation) members to receive their advance withdrawal claims up to Rs 5 lakh through automatic processing within three days.
Currently, the auto-settlement system, which guarantees a three-day processing timeline, is applicable only for claims up to Rs 1 lakh.
EPFO Withdrawal Through Auto Settlement Mode
According to a PTI report, the Union Minister announced that EPFO has raised the auto-settlement threshold for advance claims from Rs 1 lakh to Rs 5 lakh, ensuring swifter access to funds for its members, particularly during emergencies.
The minister highlighted that this significant improvement in service delivery would positively impact hundreds of thousands of subscribers.
Also Read |
EPFO, with its subscriber base exceeding 7 crore members, initially launched the online auto-settlement facility for advance claims whilst responding to the COVID-19 pandemic, aiming to provide rapid financial support to those experiencing monetary difficulties.
The service now encompasses advance claims for medical needs, educational expenses, matrimonial purposes and residential requirements.
The automated processing system handles these claims independently, without manual intervention, delivering swift and clear-cut outcomes.
In FY25, the EPFO achieved a significant milestone by processing 2.34 crore advance claims through automated settlement, showing a 161 per cent increase from 89.52 lakh claims in FY24, according to the minister's statement.
Tired of too many ads? go ad free now
The minister highlighted that automated settlements comprised 59 per cent of total advance claims in 2024-25, up from 31 per cent in 2023-24.
Also Read |
EPF ATM Withdrawals
Meanwhile, EPFO members could soon access their EPF funds directly through ATMs or UPI after connecting their bank accounts with their EPF accounts.
A senior official told PTI that the labour ministry is developing a system where a portion of EPF would remain locked whilst a significant amount would be accessible for withdrawal via bank accounts using UPI or ATM debit cards.
The official noted that technical software issues are currently being addressed to enable this system's implementation.
Currently, EPFO subscribers must submit withdrawal applications to access their EPF funds, which involves a lengthy process.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
13 minutes ago
- Time of India
Only 30% of MahaRERA recovery warrants executed; Rs 527cr still to be recovered
Pune: MahaRERA's progress on recovery warrant has remained slow, with only 31% of cases executed. Despite state govt's directive to dispose of these cases within three months, merely Rs 233 crore has been recovered out of Rs 760 crore due in 1,212 cases across Maharashtra, officials told TOI on Saturday. The slow progress contradicts revenue minister Chandrakant Bawankule's assurance during the state budget session, where he emphasised speedy execution of MahaRERA's recovery warrant orders and clearing the backlog within three months. The recovery warrants are issued under Section 40(1) of the Real Estate (Regulation and Development) Act (RERA) against developers who neither complete projects nor refund homebuyers. Once issued by MahaRERA, these orders are forwarded to district collectors for action, including property attachment and recovery of dues. The districts of Mumbai Suburban, Pune and Thane continue to report the highest backlog of such pending cases. You Can Also Check: Pune AQI | Weather in Pune | Bank Holidays in Pune | Public Holidays in Pune "Though there was some improvement in execution rates, the scale of pendency remains significant. It requires more proactive coordination from revenue officials," said a senior MahaRERA official, adding that it was despite the appointment of additional collectors in multiple districts to expedite the execution of recovery warrants. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Top 5 Dividend Stocks for May 2025 Seeking Alpha Read More Undo Further compounding delays are 172 complaints, involving Rs 157 crore, that are currently pending before the National Company Law Tribunal (NCLT), which handles cases related to insolvency and bankruptcy. These cases are in legal limbo, adding to the frustration of affected homebuyers, stated officials In a broader push for accountability, PM Narendra Modi had addressed the issue directly at the Pragati review meeting on May 29. Expressing dissatisfaction with the mere counting of "disposed" complaints, the PM questioned whether states genuinely ensured redressal. In response, Maharashtra chief secretary Sujata Saunik held a review meeting in the second week of June with collectorates across the state, directing officials to fast-track execution of recovery warrants and ensure accountability. Additional revenue officers have since been appointed to assist with enforcement. Senior citizen Arun Sheth, who has been waiting for over four years for action against a developer, said, "There's been no real movement on my case despite repeated follow-ups. It's just silence." Activists and consumer groups have also called for better monitoring tools. "MahaRERA should introduce a real-time dashboard like UP RERA's. There should be a clearly defined SOP and phase-wise targets, not just vague timelines," said activist R Prabhu. MahaRERA officials said the issue was likely to be raised in the upcoming legislative session. "It's important that revenue officials are able to give a concrete and time-bound plan for executing these orders," an official noted.
Time of India
19 minutes ago
- Time of India
Showroom owners duped of Rs48L in bid to by scrap copper
Pune: An automobile showroom owner (30) from Satara Road filed a complaint with the Parvati police, stating that online fraudsters duped him of Rs 47.72 lakh between April and May by promising to sell him scrap copper. The victim is a resident of Satara Road. He stated that his partner wanted to buy large quantities of scrap copper. He conducted an online search for companies selling scrapped copper. An officer of the Parvati police said, "The complainant and his partner stumbled upon a link to a South Africa-based company. They contacted the company via email and put forth their requirement for the scrapped copper." You Can Also Check: Pune AQI | Weather in Pune | Bank Holidays in Pune | Public Holidays in Pune "The company officials responded to the mail, claiming that the company could fulfil the requirement," police said. According to the police, the company demanded a 30% advance amount from the victim. The company stated that the remaining 70% would be taken post-delivery. "The complainant and his partner liked the idea and decided to go ahead with the deal," police said. "The victims took the banking details of the company and transferred 30% amount—Rs 47.72 lakh—as an advance payment," police said. "After the payment, the material did not reach Pune or Mumbai. The suspects kept promising the delivery. The complainant and his partner then decided to investigate the company's background. They visited several business sites in South Africa and realised that no such company existed. They realised it was a fake company," police said.
Time of India
33 minutes ago
- Time of India
Adani meets CM, discusses industrial growth & investment plans
Bhubaneswar: Gautam Adani, chairman of Adani Group , met chief minister Mohan Charan Majhi on Saturday, with their discussions focusing on the state's industrial growth trajectory. Adani visited with his family and witnessed the Rath Yatra in Puri earlier in the day. The high-level meeting centred on various aspects of industrial development, with particular emphasis on green and renewable energy initiatives and the proposed establishment of a coal gasification plant. The discussions align with the state govt's renewed push for industrial expansion following the Utkarsh Odisha — Make in Odisha Conclave. Adani Group proposed to invest Rs 16,554 crore in the Gopalpur port project during the conclave. The investment is expected to substantially boost the port's cargo handling capacity to 50 million metric tonnes and generate around 5,000 employment opportunities. "The meeting underscores the state govt's commitment to accelerating industrial growth under CM Majhi's leadership. The Gopalpur port agreement marks a major milestone in this direction, promising to enhance the state's maritime infrastructure and economic prospects," read a govt statement.
