No more waiting: EPFO plans auto-settlement for final provident fund withdrawals

“We are also going to initiate, as far as feasible, auto-settlement for now...which was (available) only for advances. Now we are going in for auto-settlement of final withdrawals,” Central Provident Fund Commissioner Ramesh Krishnamurthi said at an ASSOCHAM seminar, according to PTI.

No more forms for PF transfers?

“You don't have to file a form anymore. We try to auto-migrate your accounts to your latest member account,” Krishnamurthi added.

New EPFO notifications coming soon

Krishnamurthi also said that the next set of notifications related specifically to EPFO will be published shortly as part of the implementation of the new labour codes.

Under the new legal framework, the EPF Scheme 1952, Employees' Deposit Linked Insurance Scheme 1976 and Employees Pension Scheme 1995 will also be renotified.

“We have not gone in for major changes. We have tried to integrate all the learnings from the past. We have included all the recent central board of trustees approved decisions, which include simplification of the withdrawals and other such reforms,” he said, according to PTI.

He added that the updated schemes would also include “a major overhaul of the provisions relating to the exempt trust”.

What this means for employees

The proposed reforms are aimed at making the PF ecosystem faster, smoother and more digital-first , something employees have long demanded.

Faster settlements could especially benefit workers who rely on PF savings during emergencies, retirement or career breaks.