The Employees Provident Fund Organization has recently announced some positive updates for those who want to withdraw cash from their provident fund account. The organization has increased the auto-withdrawal limit, meaning individuals can withdraw more money automatically. EPFO issued a circular on 16th April regarding this change. Let’s take a closer look at the details.
EPFO has announced an increase in the auto claim limit. The limit was previously Rs.50,000, but it has now been raised to Rs.1 lakh. This increase will be implemented in the application software from April 10, 2024, and a circular was issued on April 16, 2024, informing the subscribers of the same.
EPF subscribers can apply for an advance under paragraph 68J of the EPFO scheme for medical expenses for themselves and their dependents. They can withdraw from their PF account for medical expenses in special cases such as hospitalization after one month, major surgeries, TB, lipidosis, paralysis, cancer, mental illness and cardiac diseases. There is no need to submit any medical certificate while applying for an advance from the PF account through paragraph 68J.
As per the EPFO circular dated April 16, 2024, the Competent Authority has approved the increase in the auto claim settlement limit under para 68J from Rs.50,000 to Rs.1 lakh. This change was implemented in the application software on April 10, 2024. This is simply an informative message; further updates will be provided on future decisions.
Here is the online EPFO claim process:
- Log in to the EPFO portal through UAN to start the online claim submission process.
- Check whether the details, like KYC and service eligibility, are correct.
- You can choose the type of claim you want to make and complete the authentication process through an OTP sent to the phone number registered with UIDAI.
- This completes your online claim submission.
