As a gift to crores of its subscribers, EPFO has started an auto-mode settlement process for advance claims for education, marriage, and housing purchases. EPFO has started an Auto-Claim Solution in which claims will now be settled automatically through an IT system without human intervention. Earlier, the advance claim system for the treatment of disease was started in April 2020 through auto-mode settlement.
Auto Claim Facility Started For These Things
A total of 2.84 crore advance claims were settled in the financial year 2023-24, of which 89.52 lakh were settled through auto mode. The facility of an auto claim under Ease of Living has been extended to para 68K (for education and marriage), 68J (for illness), and 68B (housing) under EPF Scheme 1952. Along with this, EPFO has increased the amount of claim settlement through auto mode from Rs 50,000 to Rs 1 lakh. By expanding this limit, lakhs of EPFO subscribers nationwide will benefit directly.
This Is The Rule For Making Advance Claim For Illness
No time limit has been fixed for making an advance claim of EPFO due to illness. A minimum membership period has been fixed for all other withdrawals. According to the rules, you can withdraw 6 months’ basic salary for illness and DA or the interest on employee contribution, whichever is less. To claim medical expenses, you must submit a certificate issued by the doctor or employer.
This Condition Has To Be Fulfilled To Take Advance Claim For Marriage Or Housing
If you want to claim an advance for house or wedding expenses, you must have been an EPFO member for at least 7 years. By making an advance claim for both, you can claim 50% of the interest received on the deposit amount. You can claim the money withdrawn for wedding expenses through self-declaration. You must submit the college’s expenditure certificate for the child’s higher education.
This Condition Will Have To Be Fulfilled When Taking Advance To Buy A House
If an EPFO member wants to take advance to buy a house, he is required to fulfill certain conditions. You can claim an advance from EPF for house purchases and renovations. You must have completed at least five years as an EPF member to claim advance for buying a home. For buying a house, you can claim 24 months of basic salary and DA; for renovation, you can claim 36 months of basic salary and DA. Advances for renovation can be made only after 10 years from the first claim. For EPFO withdrawal, you will have to submit Form 31 through online mode.
