Big news for PF account holders: Now money will come into account in just 3 days, rules changed

If you are employed and your PF gets deducted, then Employees Provident Fund Organization (EPFO) has given a big good news for you. EPFO has made historic changes in the rules for crores of employees making PF claims, so that now you will not have to wait for weeks for your money. This new change is no less than a lottery for lakhs of employees.

Now claim will be settled in just 3 days

EPFO has now made the PF claim process superfast. As per the new rules, a strict target has now been set to settle eligible PF claims within just 3 working days. This simply means that after applying, you will not have to wait long to get the money, rather your money will reach your bank account directly in a very short time.

Action will be taken against officials who delay

The government has also tightened the noose on officials to make the process more responsible. According to the new rules, negligence in passing the claim or delay without any concrete reason will attract heavy punishment from the authorities. If the claim of an employee is not settled within 3 days, a penalty will be imposed on the concerned officer responsible for it.

Auto-settlement limit now ₹5 lakh

EPFO has also significantly increased the ‘auto-settlement’ limit. Till now this limit was ₹1 lakh, which has been directly increased to ₹5 lakh. The advantage of this will be that now even big claims up to ₹ 5 lakh will not require human intervention and they will be approved faster in a completely automatic manner.

Will provide great relief in emergency situation

Often employees withdraw PF money for important purposes like illness, marriage or building a house, but due to the lengthy process, they could not get the money on time. With this new step of EPFO, employees will be able to get immediate financial help in case of medical emergency or other emergency situations. This change will prove to be a boon for those who need urgent money.

Advice: If you also want to avail these facilities, then visit your UAN portal today and update your KYC, so that there is no technical interruption during the claim.