EPFO to Increase Auto Settlement Limit to 5 Lakhs for PF Claims

The Employees Provident Fund Organisation (EPFO) has announced a significant increase in the auto-settlement of advance claims (ASAC) limit, raising it five times from Rs 1 lakh to Rs 5 lakh. This move aims to enhance the 'ease of living' for its 7.5 crore members.

Auto settlement claims have seen tremendous growth, with a record 2.16 crore auto-claims processed as of March 6, 2025. This reflects the system's increasing efficiency, with 95% of claims now settled automatically within three days.

UPI Withdrawals for PF Members

In a groundbreaking development, EPFO will soon allow Provident Fund (PF) withdrawals through Unified Payments Interface (UPI) and ATMs. This new system is expected to make accessing PF savings more convenient for members.

The Ministry of Labour and Employment has approved the plan, and members will be able to access their funds through UPI and ATMs by the end of May or June 2025.