EPFO Launches Auto-Settlement for Final PF Withdrawals to Benefit 7 Crore Members The Employees' Provident Fund Organisation (EPFO) is set to introduce an auto-settlement system for final provident fund (PF) withdrawals, aiming to expedite the process, reduce administrative burdens, and streamline account transfers for its over 7 crore members. This initiative, part of a broader effort to modernize PF services, will leverage a fully digital platform to automate final settlements, mirroring the existing auto-settlement model for advance claims up to ₹5 lakh. Under the proposed plan, retirees and other employees nearing the end of their employment will see their final PF claims processed automatically, eliminating the need for manual verification. Currently, advance claims within the ₹5 lakh limit are cleared within three days, with EPFO reporting that approximately 70% of such claims are resolved within this timeframe. The organisation aims to replicate this efficiency for final withdrawals, ensuring faster and more convenient access to funds. Central Provident Fund Commissioner Ramesh Krishnamurthi confirmed the initiative at an ASSOCHAM event, stating that the EPFO is preparing the technological infrastructure and backend systems to enable auto-settlement for final withdrawals. He emphasized that the rollout will depend on completing key phases, including Know Your Customer (KYC) verification, data cleaning, and system testing. Krishnamurthi also highlighted the simplification of PF account transfers during job switches, noting that employees will no longer need to file forms manually. Instead, the system will automatically migrate accounts to the latest member account, reducing reliance on the UAN-linked Form 13 and consolidating multiple PF accounts seamlessly.#epfo #universal_account_number #know_your_customer #ramesh_krishnamurthi #assochem
