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 rules:The Employees' Provident Fund Organization (EPFO) has announced an update regarding auto withdrawal claims under paragraph 68J. According to a circular issued on April 16, the eligibility limit Article 68J claims It has been increased from Rs 50,000 to Rs 1 lakh i.e. it has been doubled. This change was made effective on April 10, 2024.

EPF: Paragraph 68J Claim

According to ET, EPF members can request the advance amount for themselves or their dependents. medical expenses Under paragraph 68-J of the EPF scheme.
Paragraph 68-J allows members to seek funding for medical treatment in certain situations, such as prolonged hospital stay, major surgery, or specific health conditions such as TB, leprosy, paralysis, cancer, mental illness, or heart disease. Status of.
It is important to note that members are no longer required to submit any forms, medical certificates or other documents to qualify for advances under paragraph 68-J.
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Physically disabled members may request advance payment for purchasing equipment under paragraph 68-N to mitigate the challenges of their disability. However, for withdrawal under this section it is necessary to submit a medical certificate from a licensed medical practitioner or EPFO-designated officer.
The maximum amount to be paid under paragraphs 68-J and 68-N will be determined by the member's basic pay and dearness allowance for six months, his individual contribution share and interest, or the cost of the equipment, whichever is less.

Main points of the circular

The EPFO ​​circular dated April 16, 2024 states that competent authority Has approved increase in auto claim settlement limit under Article 68J From Rs 50,000 to Rs 1,00,000. This adjustment was also incorporated into the application software on April 10, 2024. The circular serves as a notification to all concerned parties to take appropriate action as required.
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Online Claim Submission Process

EPF subscribers can make partial withdrawals for a number of reasons, including personal or child marriage, medical emergency, buying a home, repaying a home loan or renovating a home. However, in most cases, subscribers will have to contribute to EPF for at least five to seven years, depending on the specific reason for withdrawal.
The process of online claim submission involves the following steps:
1. Login: Access the member interface using UAN credentials.
2. Verify KYC and Service Eligibility: Make Sure KYC details And the service eligibility against the UAN is accurate and complete.
3. Select Claim: Select the relevant claim type.
4. Authentication: Authenticate the submission using the OTP received on the registered mobile number linked to UIDAI.

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