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- EPFO RAISES Auto Settlement Limit to ₹ 5 Lakh for Advance Claims | Faster PF withdrawals 2025
New Delhi6 minutes ago
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The proposal was passed in the 113rd meeting of EPFO’s Executive Committee (EC) held in Srinagar on March 28.
Now up to 5 lakh rupees can be withdrawn from PF account in emergency or time of need. Earlier this limit was 1 lakh rupees. Union Minister Mansukh Mandavia has given this information on Tuesday.
Earlier, Sumita Davra, Secretary, Ministry of Labor and Employment, passed the proposal in the 113rd meeting of the EPFO’s Executive Committee (EC) held in Srinagar on March 28.
System will give auto approval to the amount up to 5 lakhs
The amount of up to Rs 5 lakh of EPFO members will be withdrawn under the auto claim. That is, a manual investigation of EPFO officers will not be required to remove the funds. The system will give its auto-uproar.
What is an auto claim?
Auto Settlement of Advance Claim (ASAC) or Auto Claim PF (Provident Fund) has an automated software system. It approves your PF withdrawal or settlement claim without manual examination.
If your KYC (Aadhaar, PAN, bank account) is verified with EPFO, then this system approves your claim in 3 to 5 days. In this, you do not need to submit documents or go to office.
PF withdrawal income tax rules
If the employee is completed 5 years offering services in a company and he removes PF, then there is no liability of income tax on him. A duration of 5 years can also occur with one or more companies. It is not necessary to complete 5 years in the same company.
If the employee withdraws more than 50 thousand rupees from the PF account before completing 5 years in the job, then he will have to pay 10% TDS. On the other hand, if you do not have a PAN card, then you have to give 30% TDS. However, if the employee makes the form 15G/15h submit, then no TDS is deducted.
Soon PF’s money will be withdrawn from UPI-Atm
The Central Government Employees Provident Fund Organization (EPFO) is preparing for a big change that has gone soon. According to media reports, according to the draft of EPFO 3.0, employees may soon get the facility to withdraw PF money directly from ATM and UPI.
Under the EPFO 3.0, PF account holders will be provided with withdrawal cards. This will be completely like a bank ATM card. Only one fixed amount can be withdrawn under the new facility.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.
How to withdraw PF money from ATM and UPI?
In this new process, EPFO will issue a special ATM card to its subscribers, which will be linked to their PF account. By using this card, subscribers will be able to withdraw their PF money directly from ATM machines.
At the same time, to withdraw money from UPI, you have to link your PF account to UPI. After this, subscribers will be able to transfer PF money to their bank account.
75% money of PF will be withdrawn after one month after going to the job
Under the PF withdrawal rule, if a member’s job goes away, then after 1 month he can withdraw 75% money from PF account. With this, he can meet his needs during unemployment. The remaining 25% stake in PF can be extracted two months after leaving the job.
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