EPFO boosts auto-settlement limit to Rs 5 lakh, simplifying claims for 7.5 crore members; UPI, ATM withdrawals coming.

The Employees Provident Fund Organisation (EPFO) has recently increased the auto-settlement of advance claims limit from Rs 1 lakh to Rs 5 lakh, benefitting 7.5 crore members across India. This decision, made during the 113th Central Board of Trustees (CBT) meeting, aims to simplify and expedite the process of claim settlements for EPF members. In another significant development, EPFO is set to introduce UPI and ATM withdrawals for Provident Fund access by June 2025, further enhancing the convenience and accessibility of funds for its members. This move is expected to provide greater flexibility and ease of living for EPF beneficiaries. With these progressive steps, EPFO is striving to modernize its processes and adapt to digital advancements, ultimately improving the overall experience for its vast member base.

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