Government orders EPFO 3 day and 20 day settlements
Big update for anyone with a Provident Fund!
The government just rolled out new EPFO rules to make life easier: PF claims will now be settled in just three days, and pension or insurance claims within 20 days.
Lost your job? You can instantly withdraw up to 75% of your PF balance.
EPFO withdrawals simplified, 1 year eligibility
Withdrawals are now simpler, limited to illness, education, or marriage, and you only need one year of service (down from seven) for some claims.
If the EPFO delays your settlement, the EPFO commissioner may owe you 12% annual interest that may be recovered from their own salaries.
Plus, you can use your PF for housing or if you face retrenchment or disability, and full withdrawal age is now lowered to 55.
Everything's moving online too, think UPI and quick digital filings.