EPFO has made the process of withdrawing PF easier. Now there will be no need for cancelled cheque or confirmation of bank account.
This change will benefit 8 crore members and will speed up claim settlement. Earlier this facility was available to some members…
New Delhi. The Employees’ Provident Fund Organization (EPFO) has made the process of withdrawing PF easier. Now if a person wants to withdraw PF online, he will not need to upload a photo of a canceled check or get the bank account verified by the employer. This change will benefit about 8 crore EPFO members and the settlement of claims will be faster. Also, the process will become easier for employers as well.
Earlier, EPFO members had to upload a photo of a cheque or passbook linked to their bank account to withdraw PF online. Apart from this, the employer also had to verify that account. But now both these requirements have been abolished, which has made the claim process more simple. The Labor Ministry said that this change has been made especially to ensure ‘ease of living’ for EPFO members and ‘ease of doing business’ for employers.
This facility was first started on a trial basis for select KYC-updated members from 28 May 2024. During this period, more than 1.7 crore EPFO members benefited from it. After successful testing, this facility has now been implemented for all members, making the process of withdrawing PF faster and easier than before.
What is EPFO
Employees’ Provident Fund Organization (EPFO) is a major organization of the Government of India, which manages the matters related to the Provident Fund (PF) of the employees of the country. It works under the Ministry of Labor and Employment and its main objective is to provide financial security to the employees of the organized sector after retirement.
Key features of EPFO
Provident Fund (PF) Account – EPFO deducts a fixed amount from the salary of every employee and deposits it in the PF account, in which the employer also contributes.
Pension Scheme – Employees’ Pension Scheme (EPS) also comes under EPFO, which provides pension after retirement.
Insurance Scheme – It also includes Employee Deposit Linked Insurance (EDLI) scheme, which provides financial assistance to the family on the death of the employee.
Online Services – EPFO provides facilities like online PF balance check, PF transfer and withdrawal.
UAN Number – EPFO gives a Universal Account Number (UAN) to every employee, through which he can access his PF information anytime.
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