EPFO-UAN KYC Process: Currently, EPFO account holders require employee approval to complete the KYC process. This will not be required in the near future.
EPFO News Update New Delhi : There is big news for the nearly 8 crore active account holders of the Employees Provident Fund Organization. EPFO will start self-declaration service for account holders from June 2025. After the self-attestation facility is available in this, employees will not need to take approval from company officials to complete the KYC process.
The KYC process will be simplified.
EPFO account holders have to complete the KYC process once. In which KYC details are linked with the UAN number. Currently, the approval of the company is required to complete the KYC process. The KYC process is currently completed after the approval of the employer. Now, after the self-attestation facility is available under 3.0 from EPFO, completing the KYC process will become easier.
After the new process is started, the account holders will save time to complete the KYC process. Sometimes, due to the closure of companies, the account holders could not complete the KYC process. Due to this, the new facility will reduce the paperwork process. Due to this, the rate of rejection of EPF claims will also decrease.
The process of launching EPFO 3.0 is underway. This facility will be launched in it. EPFO will completely improve its IT infrastructure. After the implementation of employment linked schemes, the workload on EPFO will increase.
It will reduce after the launch of 3.0. After the implementation of ELI, the number of EPFO account holders will go up to Rs 10 crore. Therefore, if the IT infrastructure is improved, EPFO can provide better services to its members.
PF amount can be withdrawn without claim
The Ministry of Labour and Employment is going to launch EPFO 3.0 by the end of 2025. It will be implemented in 2025-26. In EPFO 3.0, a facility is being considered in collaboration with banks. In which EPF subscribers can withdraw funds from their corpus up to a certain limit. Generally, it can be up to 50 percent.
For this, there will be no need to claim from EPFO. Labour Minister Mansukh Mandaviya said that EPFO is creating such a platform, from which employees can withdraw money from PF accounts without any problem.
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