EPF New Rule: The Employees Provident Fund Organisation (EPFO) has introduced a significant change in its policy regarding the processing of claims under Paragraph 68J. Now, EPF subscribers can avail themselves of a higher limit for auto claim settlements, a move aimed at facilitating smoother and quicker processing of claims. Let’s delve into what this means for EPF members and how it impacts their access to funds during times of medical need.
Understanding Paragraph 68J Claims
Paragraph 68J of the EPF Scheme allows members to seek advances from their EPF funds to cover medical expenses for themselves and their dependents. This provision comes into play under specific circumstances, such as prolonged hospitalization, major surgeries, or critical illnesses like TB, cancer, or heart conditions. Previously, to qualify for such advances, members had to provide various documents, including medical certificates. However, with the recent change, the requirement for such documentation has been waived, streamlining the process for EPF subscribers.
Key Changes Implemented
The most notable change introduced by the EPFO is the increase in the qualifying limit for auto claim settlements under Paragraph 68J. Formerly set at Rs 50,000, this limit has now been raised to Rs 1 lakh. This adjustment aims to better accommodate the financial needs of members facing medical emergencies, ensuring they can access a more substantial portion of their EPF savings without unnecessary delays or hurdles.
Online Claim Submission Process
EPF subscribers can submit various online claims for reasons like marriage, medical emergencies, house purchase, or home loan repayment. However, the minimum contribution period for these claims may vary (typically 5-7 years). Here’s a quick guide to submitting online claims:
- Log in to the EPFO member portal using your UAN credentials.
- Verify that your KYC details and service eligibility are accurate and complete.
- Select the specific claim you want to file.
- Use the OTP received on your registered mobile number to authenticate and submit your claim online.
This new EPF rule is a welcome change for employees, particularly those facing unexpected medical bills. By simplifying the claim process and increasing the auto-processed limit, the EPFO is helping people access their savings more conveniently during medical emergencies.
