EPFO update: PF withdrawal to be processed in just 3 days from April 1, 2025!
Getting your PF money is going to be easier from April 1, 2025. EPFO (Employees’ Provident Fund Organization) has introduced new rules for this. From now on, if employees apply for PF, they can get the money in just 3 days, that too online without having to go to any office. Let's find out more about the new EPFO changes.
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EPFO means Employees' Provident Fund Organization. It was established to provide pensions and assistance to employees. Some changes are going to be made to this system to make it easier for employees to claim their PF money. Let's find out what the new changes are.
Claims up to Rs. 1 lakh
Currently, up to 60% of claims are processed automatically. After these changes, claims up to Rs. 1 lakh will be processed automatically in three days. Claims for illness, hospital expenses, home purchase, children's education, and marriage will be cleared quickly.
Simple name and passbook detail changes
Those with a UAN number linked to Aadhaar can correct their name or other details online without going to the EPFO office. Currently, 96% of changes are completed without EPFO office intervention. PF transfer made easier If you have a UAN linked to Aadhaar, it is now easier to transfer old PF when joining a new company. Previously, the permission of the company management was required. But now almost 90% of transfers are completed without the permission of the management.
No need to submit a cheque-leaf
While claiming, a cheque leaf or bank passbook copy had to be provided earlier for account verification. Now, those who have updated KYC can claim without this process. Guidelines on ineligible claims EPFO members can know in advance whether their claim is eligible before making a claim. This will reduce the number of rejected claims.
99% of claims online
So far, 7.14 crore claims have been filed online in the 2024-25 financial year. From now on, there is no need to go to the field office. EPF payments via UPI Negotiations are underway with NPCI to provide EPF claim payments through UPI in the future. If this is completed, the claimed money can be withdrawn through digital wallets.
