Current Affairs - Economy - Discussion

The Employees’ Provident Fund Organisation (EPFO) has raised the auto-settlement limit for advance claims from Rs 1 lakh to Rs 5 lakh. This initiative aims to facilitate faster access to funds for EPF subscribers within just 3 days. Initially introduced during the COVID-19 pandemic, the auto-settlement system was designed to address urgent financial needs such as medical emergencies, education, housing, or marriage. By increasing the limit, EPFO ensures that more substantial financial support can be provided quickly, enhancing the overall effectiveness of the provident fund as a social security mechanism for employees in times of need.