EPF advance withdrawal processing time: To provide maximum benefits to these members, the EPFO makes changes in many of the rules.
EPF advance withdrawal processing time: The Employees Provident Fund Organization (EPFO), a statutory body instituted by the government of India, is the largest social security organisation and covers over 3,93,824 establishments. As per the information available on the official site of the Ministry of Labour & Employment, over 11.80 crore EPF members and their families get benefits under the social security schemes administered by the EPFO.
To provide maximum benefits to these members, the EPFO makes changes to its rules from time to time. One such rule introduced by the government organisation is auto-mode settlement for advance claims. These claims may be related to medical, education, marriage, and housing purposes.
EPF advance withdrawal processing time
The move aimed at eliminating human intervention in the processing of claims and streamlining operations. This automated process can settle the claim within 3 to 4 working days.
Earlier, the EPFO used to take between 2-3 weeks for the advance claim settlement as the process to verify the account holder’s details used to take a lot of time.
EPF advance withdrawal: How much can you withdraw?
The EPFO recently increased the eligibility limit of auto claim settlements under Paragraph 68J. The amount has been increased to Rs 1 lakh from Rs 50,000.
EPF advance withdrawal: How to initiate an EPF claim online
Step 1: Visit the official EPFO portal and log in using the UAN and password. You can find the UAN on your monthly salary slip.
Step 2: Go to ‘online services’ and click on the ‘claim’ section.
Step 3: Verify the bank account number.
Step 4: Upload a scanned copy of a cheque or the passbook.
Step 5: Select the reason for submitting the advance.
Step 6: Generate an Aadhaar-based OTP to initiate the claim.
Once the claim is processed, it will be forwarded to the employer for approval. The subscriber can check the ‘claim status’ by selecting the option under ‘online service. ‘
