EPFO Rule Change Update: 6.5 crore people got good news, a big change in EPFO ​​rules..

The Employees Provident Fund Organization has made the process of withdrawing money from PF easier, EPFO ​​has started auto mode settlement, which will benefit more than 6 crore PM members. This is a facility that provides funds to PF members in an emergency (EPFO Rule Change), under this, now the money will be sent to your bank account within 3 days. Under auto mode settlement, employees can withdraw advance money from their EPF in times of emergency. EPFO ​​​​provides its subscribers the facility to withdraw money from the fund for some types of emergency (EPFO latest Update), including treatment of emergency illness, education, marriage buying a house, etc. You can withdraw advance funds from the PF account for any one of these emergencies. Claim settlement will be done through the auto-mode system

The auto mode for claim settlement of this fund in emergency was started in April 2020 itself, but then money could be withdrawn only in times of illness (automatic claim settlement EPFO), now its scope has been increased, now you can also withdraw money from EPF for illness, education, marriage and buying a house. Along with this, now subscribers can also withdraw advance funds for the marriage of a sister or brother.

Up to how much amount can the fund be withdrawn?
The limit of advance funds from EPF account has been increased, earlier this limit was ₹ 50000 which has now been increased to ₹ 1 lakh. The work of withdrawing advance will be done through auto settlement mode computer. No approval is required from anyone. The money comes to your account (EPF account) within three days, however, you will be required to submit some documents, including KYC, eligibility of claim request, and bank account details.

What is the process to withdraw the advance amount?
First of all, you have to log in on the EPFO ​​portal, for this UAN and password are required, after logging in you have to go to online (EPFO latest news) services and then select the claim section, then you have to verify the bank account. The advance money will come from this bank account.

Now you have to upload a copy of the check or passbook of your bank account, then you have to tell about the reason why you want to withdraw money (EPF advance payment). Now you have to apply by following some further process, the money will come to your account within 3 to 4 days.

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