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The EPFO and the Central Government have not yet said anything about the process of withdrawing money. (File photo)
Employees will soon be able to withdraw PF money directly from ATM and UPI. Union Labor Minister Mansukh Mandavia said on Tuesday that PF accounts of employees have been linked to their bank accounts for this.
However, the EPFO and the Central Government have not yet said anything about the process of withdrawing money. According to media reports, the government can start this new facility from next month, ie July.
Only one fixed amount can be withdrawn under the new facility. From this, it will be that the employee will be able to withdraw money for emergency, but even after retirement, sufficient amount will be sure in the account.
You will be able to remove ₹ 5 lakh from PF account in 72 hours Now you will be able to remove emergency or ₹ 5 lakh in 72 hours in time of emergency or requirement from PF account. Earlier this limit was ₹ 1 lakh. Union Minister Mansukh Mandavia gave information about this on 24 June.
Software will process full, officers will not need
- In auto settlement, the PF withdrawal claim is automatically processed by the system. There will be no less or less need for the intervention of officers.
- If your UAN (Universal Account Number) is link to Aadhaar, PAN and bank account, and KYC is fully updated, the system checks your claim.
- This process is faster because it is completely online and based on the IT system. The claim in auto settlement is processed in 3-4 days.
- EPFO has introduced auto settlement facility for certain types of claims (such as medical, education, marriage, or houses to build/buy).
Manual settlement takes 15-30 days
- In this, PF claims are set by EPFO employees. The process takes 15-30 days.
- For this, online or offline form (eg Form 19, 31, 10C) is to be filled.
- EPFO employees then check your documents, KYC, and eligibility.
- If the exit date is not updated or any document is low, the claim may be delayed.
- Large or complex claims (such as retirement or final settlements) often have manual examination.