New Delhi: The Employees Provident Fund Organization (EPFO) has made changes in regards to withdrawal. Earlier, the EPF members wishing to withdraw money from their account were required to upload a cancelled cheque, however, now this process is not mandated. Also, EPFO members are not needed to verify their bank account.
The change will benefit 8 crore members of EPFO and it will take less time to settle their claims. The process will smoothen the withdrawal process, and as a result EPFO will no longer have many pending cases, which will benefit its members.
Currently, EPFO members are required to upload a verified photocopy of a cheque or passbook of the bank account linked to the UAN (Universal Account Number) or PF number while applying for online withdrawal of funds from their PF accounts. Employers have also been mandated to to approve the applicant’s bank account details. The Labour Ministry statement mentioned that EPFO has completely abolished the need to upload a photo of a cheque or verified bank passbook while filing an online claim.
The EPFO has come forward with the above-mentioned changes in the EPF withdrawal process to ensure ease of living for EPF members and ease of doing business for employers. The regulatory body is of the view that the new measures would significantly improve the process of settlement of claims and reduce complaints related to rejection of claims.
These requirements were initially relaxed on a trial basis for some KYC-updated members. Since its trial launch on May 28, 2024, the move has already benefited 1.7 crore EPF members. After successful testing, the EPFO has now extended this relaxation to all members, the ministry said.
The Employees Provident Fund Organization (EPFO) has significantly simplified its EPF withdrawal process. Members no longer need to upload a cancelled cheque or verify their bank account details when applying for online withdrawals. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
