Good Information For EPFO Members! Auto-Settlement Restrict Hiked To Rs 5 Lakh For Medical, Dwelling And Training Emergencies | Private Finance Information
EPFO Auto-Settlement Restrict: Good Information For Authorities Staff! the Staff’ Provident Fund Group (EPFO) has raised the restrict for auto-settlement of advance claims from Rs 1 lakh to Rs 5 lakh. This transfer is designed to facilitate faster monetary entry for EPFO members, significantly in pressing conditions resembling medical or training emergencies, faster fund entry, house renovations and extra, in keeping with the Minister of Labour and Employment Mansukh Mandaviya.
EPFO first launched auto-settlement of advance claims throughout the COVID-19 pandemic to supply fast monetary help to its members. “The restrict for auto settlement of the EPFO claims has been elevated to Rs 5 lakh. Such claims will get cleared inside three days like the method for auto claims at current,” Mandaviya stated.
In a publish on X social media platform, the minister stated that is one other “people-centric transfer” underneath the Prime Minister Narendra Modi authorities. “EPFO enhances Auto-Settlement Restrict for Advance Claims from Rs 1 Lakh to Rs 5 lakh, with fast-track disbursal now inside 72 hours,” Mandaviya famous.
Auto-Settlement Restrict For Advance Claims
In March this yr, the Central Board of Trustees’ Government Committee (EC) had accredited the proposal to boost the ASAC restrict to Rs 5 lakh. With a rise within the auto-settlement restrict, the members can mechanically withdraw as much as Rs 5 lakh immediately. In Could 2024, the ASAC restrict was elevated to Rs 1 lakh from Rs 50,000.
In line with the minister, within the first two-and-a-half months of the continued monetary yr 2025-26, EPFO has auto-settled 76.52 lakh claims, constituting 70% of all of the advance claims settled to date.
EPFO Members Enrolled In April
EPFO added as many as 19.14 lakh web members throughout April this yr. This determine depicts a major improve of 31.31% over March. A noticeable side of the information is the dominance of the younger 18-25 age group who’re of their first jobs. The EPFO added 4.89 lakh new subscribers within the 18-25 age group, constituting a major 57.67% of the overall new subscribers added in April this yr.
New subscribers within the 18-25 age group added within the month present a rise of 10.05% in comparison with the earlier month of March 2025. Round 2.45 lakhs new feminine subscribers joined the EPFO in April, which represents a 17.63% improve in comparison with the earlier month, the official assertion stated. (With IANS Inputs)
