EPFO has announced significant reforms to streamline and expedite the PF withdrawal process for its members

PF withdrawal process

Auto-Settlement Limit Increased to ₹5 Lakh

EPFO has raised the auto-settlement limit for advance claims from ₹1 lakh to ₹5 lakh. This enhancement aims to simplify the claim process, allowing members to access larger amounts without manual intervention. The automated system now processes claims within three days, with 95% of claims being settled automatically.

Integration with UPI and ATM Withdrawals

EPFO is set to introduce UPI-based withdrawals, enabling members to access their PF funds directly through UPI-enabled apps like Paytm, Google Pay, and PhonePe. Additionally, an ATM withdrawal facility will be launched, allowing members to use a PF-linked ATM card to withdraw funds. These features are expected to be operational by May or June 2025.

Eligibility and Process

KYC Compliance: Ensure your Universal Account Number (UAN) is Aadhaar-linked and KYC-compliant.
Advance Purposes: Advances can be claimed for medical emergencies, housing, education, and marriage.
Claim Submission: Submit claims through the EPFO portal or mobile app, following the updated procedures.

PF withdrawal process Important Considerations

Frequent withdrawals from your PF account can impact your retirement savings due to reduced interest accumulation. It’s advisable to utilize the PF funds judiciously and reserve them for genuine financial needs.

For detailed guidance on the new withdrawal methods and to check your eligibility, visit the official EPFO website: https://www.epfindia.gov.in.

streamline and expedite the PF withdrawal process