EPFO allows employees to withdraw an advance of Rs 1 lakh from their PF account through auto-mode settlement facility. Employees can withdraw this amount for medical, marriage or any other expenses. Earlier the limit of this amount was fixed at Rs 50 thousand, which has been increased to Rs 1 lakh.
The central government provides many facilities to the employees through EPFO. Many changes are made in the rules for this. The government also provides the facility to the employees to withdraw advance amount from the PF account. Here we tell you about one such facility of EPFO, due to which it will be easy for you to withdraw the advance amount.
Actually, EPFO gives employees the facility to withdraw money from PF fund during emergency. One such facility is auto-mode settlement. Through this, PF account holders can claim advance for medical, education, marriage and housing. The special thing is that it does not take much time to get the claim amount.
The limit is one lakh rupees
Through the auto-mode settlement facility, employees can withdraw one lakh rupees from the PF fund. Earlier this limit was 50 thousand rupees. Employees get this amount in about three to four days. Earlier it used to take 15 to 20 days. Actually, due to the new system, it does not take much time to check all the information and people get the money in less time.
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The facility was started in April 2020
Let us tell you that the entire process of auto-mode settlement is done through computer. In such a situation, employees do not need anyone’s permission to withdraw the amount. This facility was started in April 2020, but at that time advance withdrawal was allowed only during illness, but now its scope has been increased and money can be withdrawn for other works as well.