EPFO (Employees’ Provident Fund Organisation) has given a big relief to its crores of members. Now if you apply for online PF withdrawal, then neither will you have to upload a cancelled cheque nor will there be any need for employer verification for the bank account.
According to the government, this change will benefit more than 7.7 crore EPF members and will also reduce complaints and delays related to claims.
Giving information on Thursday (earlier Twitter), Union Minister Mansukh Mandaviya said, “Two major reforms have been brought to make the claim settlement process easy, fast and hassle-free for EPF members and employers.”
Now you don’t need a copy of check leaf or passbook for online claim
EPFO has no longer made it mandatory to upload a photo of a check leaf or attested bank passbook while making an online claim. Earlier this facility was given to some KYC-updated users as a pilot project from 28 May 2024, which has benefited more than 1.7 crore members so far.
Now EPFO has implemented this facility for all EPF members. Actually, when the bank account is linked to UAN (Universal Account Number), the name of the account holder is already verified. Therefore, now there is no need to upload any separate document.
This will reduce claim rejections due to poor image quality and will also reduce complaints from members.
Employer’s approval will no longer be required to link bank account with UAN
Now you will not need the approval of the employer to link your bank account with UAN in EPFO. EPFO has removed this rule, which has made the process much easier than before.
Earlier, when someone linked their bank account to EPFO, after verification from the bank, employer’s approval was also required. Bank verification took only 3 days, but getting employer’s approval took an average of 13 days. Every day about 36,000 people submit such requests, which was unnecessarily increasing the load on the system.
This change will immediately benefit about 1.49 lakh members whose bank linking requests were still awaiting employer approval. Currently, out of 7.74 crore active members of EPFO, 4.83 crore members have already linked their bank accounts.
Now any member can update his new bank account number and IFSC code. For this, only verification with Aadhaar OTP is required, no approval of the employer is required.
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