EPF advance withdrawal processing time: This is the whole lot you’ll want to know

EPF advance withdrawal processing time: The Staff Provident Fund Group (EPFO), a statutory physique instituted by the federal government of India, is the biggest social safety organisation and covers over 3,93,824 institutions. As per the data obtainable on the official web site of the Ministry of Labour & Employment, over 11.80 crore EPF members and their households get advantages underneath the social safety schemes administered by the EPFO.

To supply most advantages to those members, the EPFO makes adjustments to its guidelines every now and then. One such rule launched by the federal government organisation is auto-mode settlement for advance claims. These claims could also be associated to medical, training, marriage, and housing functions. 

EPF advance withdrawal processing time

The transfer geared toward eliminating human intervention within the processing of claims and streamlining operations. This automated course of can settle the declare inside 3 to 4 working days. 

Earlier, the EPFO used to take between 2-3 weeks for the advance declare settlement as the method to confirm the account holder’s particulars used to take a variety of time. 

EPF advance withdrawal: How a lot are you able to withdraw?

The EPFO just lately elevated the eligibility restrict of auto declare settlements underneath Paragraph 68J. The quantity has been elevated to Rs 1 lakh from Rs 50,000.

EPF advance withdrawal: Find out how to provoke an EPF declare on-line

Step 1: Go to the official EPFO portal and log in utilizing the UAN and password. You’ll find the UAN in your month-to-month wage slip.

Step 2: Go to ‘on-line companies’ and click on on the ‘declare’ part.

Step 3: Confirm the checking account quantity.

Step 4: Add a scanned copy of a cheque or the passbook.

Step 5: Choose the explanation for submitting the advance. 

Step 6: Generate an Aadhaar-based OTP to provoke the declare. 

As soon as the declare is processed, it is going to be forwarded to the employer for approval. The subscriber can examine the ‘declare standing’ by deciding on the choice underneath ‘on-line service. ‘