EPFO Advance: Withdrawal of advance money from EPFO has become easy! With this new service the amount will be in the account in three days

EPFO Advance: There is sweet information for EPFO subscribers. Now, advance claims are being settled inside 3 days. This service is being supplied quickly like EPFO. Giving an instance of advance declare settlement, the Employees’ Provident Fund Organization (EPFO) stated Anirudh Prasad had utilized for sick advance underneath para 68J on May 9 and his advance declare would be settled on May 11, 2024, after three days. The amount was settled at Rs 92143.

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EPFO has made many efforts to enhance its service and there are a lot of tales of enchancment in advance claims. At the identical time, final month, EPFO, in response to a member’s query on the time taken in the declare settlement course of, had stated that it often takes 20 days to settle a declare.

This new service introduced pace
Meanwhile, EPFO has began auto-mode declare settlement of advance claims for schooling, marriage and housing functions, the Labor Ministry stated in an announcement on Monday. This step is predicted to extend the ‘ease of dwelling’ for crores of EPFO members.

Under auto-mode settlement by the superannuation fund physique, the declare is processed mechanically by the IT system with none human intervention.

How a lot advance can I get?
EPFO had launched this auto settlement facility in April 2020 for the goal of advance cost for illness. Its scope has now been prolonged to different functions like schooling, marriage and housing. Now this restrict has been elevated to Rs 1,00,000. EPFO stated that in the present 12 months, about 2.25 crore members are anticipated to avail the profit of this facility.

During FY2023-24, EPFO settled roughly 4.45 crore claims, of which greater than 60% (2.84 crore) claims had been advance claims. Out of the whole advance claims settled throughout the 12 months, about 89.52 lakh claims had been settled utilizing auto-mode.

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