EPFO Update: Good news for EPFO users! You can use this facility for everything from marriage to studies to home...
EPFO Auto Claim Settlement: Recently, EPFO, while giving a gift to crores of its subscribers, started the auto-mode settlement process for advance claim (advance pf claims) for education (education), marriage (marriage), and purchase of a house (housing). Is of. EPFO has started Auto Claim Solution in which claims will now be settled automatically through the IT system without any human intervention. Earlier, the advance claim system for the treatment of the disease was started in April 2020 through auto-mode settlement.
Auto claim facility started for these things
According to the information, a total of 2.84 crore advance claims were settled in the financial year 2023-24, out of which 89.52 lakh were claims which were settled through auto mode. The facility of an auto claim under Ease of Living has been extended to paragraphs 68K (for education and marriage), 68J (for illness), and 68B (housing) of the EPF Scheme 1952. Along with this, EPFO has increased the amount of claim settlement through auto mode from Rs 50,000 to Rs 1 lakh. By increasing this limit, lakhs of EPFO subscribers across the country will get direct benefits.
These rules are fixed for making advance claims for illness
If some people want to make an EPFO advance claim due to illness, then no time limit has been set for this. A minimum membership period has been fixed for all other withdrawals. According to the rules, you can withdraw 6 months' basic salary for illness and DA or the interest on the employee's contribution, whichever is less. In case of making an advance claim for medical expenses, you will have to submit a certificate issued by the doctor or employer.
This condition has to be fulfilled to take advance claim for marriage
Suppose, if you want to make an advance claim for wedding expenses, then you must have been an EPFO member for at least 7 years. By making an advance claim for both of these, you can claim 50 percent of the interest received on the deposit amount. You can claim the money withdrawn for wedding expenses through self-declaration. For the higher education of the child, you will have to submit the expenditure certificate of the college.
This condition will have to be fulfilled while taking advance to buy a house
If an EPFO member wants to take advance to buy a house, then he is required to fulfill certain conditions. You can claim advance from EPF for house purchase and renovation. To claim advance for buying a house, you must have completed at least 5 years as an EPF member.
Let us tell you that for buying a house, you can claim 24 months of basic salary and DA, and for renovation, you can claim 36 months of basic salary and DA. Advance for renovation can be taken only after 10 years of the first claim. For EPFO withdrawal (EPFO withdrawal rules), you will have to submit Form 31 through an online medium.
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