New EPF rule doubles auto withdrawal claim limit to Rs 1 lakh under 68J; check how to claim and other details | India Business News

New EPF rule: The Employees’ Provident Funds Organisation (EPFO) has introduced an replace relating to auto withdrawal claims under Paragraph 68J. As per a round issued on April 16, the qualifying limit for Paragraph 68J claims has been raised from Rs 50,000 to Rs 1 lakh, which signifies that it has been doubled. This change was made efficient on April 10, 2024.

EPF: Paragraph 68J claims

According to ET, EPF members can request an advance for their very own or their dependents’ medical bills under Paragraph 68-J of the EPF Scheme.
Paragraph 68-J permits members to search funds for medical remedy in sure conditions, like prolonged hospital stays, main surgical procedures, or particular well being circumstances reminiscent of TB, leprosy, paralysis, most cancers, psychological sickness, or coronary heart circumstances.
It’s vital to be aware that members now not want to submit any kinds, medical certificates, or other paperwork to qualify for an advance under Paragraph 68-J.
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Physically impaired members can request advance fee to buy tools under Paragraph 68-N to alleviate the challenges of their impairment. However, withdrawals under this part require the submission of a medical certificates from a licensed doctor or an EPFO-designated official.
The most quantity superior under Paragraphs 68-J and 68-N might be decided by the member’s fundamental pay and dearness allowance for six months, their private contribution share plus curiosity, or the price of the tools, whichever is decrease.

Key factors from the round

The EPFO round dated April 16, 2024, states that the Competent Authority has sanctioned a rise within the limit for auto claim settlements under Paragraph 68J from Rs 50,000 to Rs 1,00,000. This adjustment was additionally integrated into the appliance software program on April 10, 2024. The round serves as a notification for all involved events to take applicable motion as wanted.
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Online claim submission course of

EPF subscribers could make partial withdrawals for a number of causes, together with private or little one marriage, medical emergencies, shopping for a home, repaying a house mortgage, or home renovations. However, normally, subscribers want to have contributed to the EPF for a minimum of 5 to seven years, relying on the precise cause for withdrawal.
The course of for on-line claim submission includes the next steps:
1. Login: Access the member interface utilizing UAN credentials.
2. Verify KYC and Service Eligibility: Ensure that KYC details and service eligibility in opposition to the UAN are correct and full.
3. Select Claim: Choose the related claim kind.
4. Authentication: Authenticate the submission utilizing the OTP obtained on the registered cell quantity linked with UIDAI.