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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

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

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