NEW DELHI, May 13 -- Retirement fund body EPFO will soon automate the process for settling final provident fund withdrawal claims, fast-tracking the money transfer to the applicant's bank accounts, a top official said on Wednesday.
The Employees' Provident Fund Organisation (EPFO) has more than seven crore members.
At present, partial or advance withdrawal claims of up to Rs 5 lakh are settled through auto mode, and the deadline for the auto-settlement mode is three days from filing the claim.
Speaking at the ASSOCHAM's National Seminar on New Labour Codes, Central Provident Fund Commissioner, EPFO, Ramesh Krishnamurthi, said, "We are also going to initiate, as far as feasible, auto-settlement for now.which was (available) only for advan...