EPFO raises auto withdrawal
limit under 68J from Rs 50,000 to Rs 1,00,000
The Employees Provident Funds Organisation (EPFO) has raised the
qualifying limit for auto claims--those made under specific conditions processing
under Paragraph 68J. The limit has been increased from Rs 50,000 to Rs
1,00,000. EPFO conveyed the update in a circular issued on April 16, 2024.
What are paragraph 68J claims?
Paragraph 68-J of the Employees Provident Fund Scheme enables
members to request advances from the fund under circumstances related to
medical treatment. These circumstances include hospitalisation lasting for one
month or more, major surgical operations, and ailments such as tuberculosis,
leprosy, paralysis, cancer, mental derangement, or heart ailments.
Physically impaired members have the option to apply for advance
payment under Paragraph 68-N in order to lessen hardship related to their
impairment. This section allows withdrawals specifically for purchasing
necessary equipment. However, such withdrawals require the submission of a
medical certificate from a licensed physician or an official designated by the
EPFO.
Following the implementation of the Universal Account Number (UAN)
system by the EPFO, subscribers now have a streamlined process for claim
submissions. Subscribers who have linked their UAN with their Aadhaar number
and bank account details can now directly submit claim forms to the EPFO
without requiring attestation from their employers. This initiative simplifies
the claim process for EPF subscribers.
Form 31 is the format used to submit premature fund withdrawal
requests under different heads ranging from medical emergencies, to marriage
and buying or constructing a home.
Online Claim Submission Process
Log in to the EPFO member portal using your Universal Account
Number (UAN) credentials.
Ensure that your Know Your Customer (KYC) details and service
eligibility information are up-to-date and complete.
Choose the type of claim you wish to file from the available
options, which may include marriage, medical emergencies, house purchase, or
home loan repayment.
Authenticate your identity by entering the One-Time Password (OTP)
received on your registered mobile number.
Complete the online claim submission process by following the
prompts and providing any necessary documentation or information.
www.business-standard.com
dt. 19.04.2024