EPFO Claim Settlement, Big Changes: EPFO has made big changes in the process of fund withdrawal for its members. Now the withdrawal process has become easier for EPF members….
EPFO announces big changes in claims settlement process: The Employees Provident Fund Organization (EPFO) has made the process of fund withdrawal easier for its members. Yes, the new decision will make the process of Provident Fund claim settlement easier for EPF members.
Now you will not have to upload the photo of the cheque
The first change made by EPFO is that now the rule of the check to be uploaded during the PF withdrawal process has been removed. The Ministry of Labor said in a release that members will no longer need to upload the photo of the check or the photo of the attested bank passbook.
The ministry said, “EPFO has completely done away with the requirement of uploading images of cheque leaf or verified bank passbook while filing online claims. This requirement was initially introduced on a pilot basis with some KYC-updated members getting the relaxation. Since its launch on May 28, 2024, this decision has benefited 1.7 crore EPF members.”
After the successful pilot, EPFO has now extended this relaxation to all members. “Since the name of the bank account holder is already verified with the EPF member details while linking the bank account with the Universal Account Number (UAN), this additional document is no longer required.”
By removing the requirement of cheque photo, EPFO is set to immediately benefit nearly 6 crore members, eliminate claim rejections due to poor-quality or unreadable uploads and reduce complaints related to it.
Employer approval not required to link bank account details with UAN
The second change introduced by the retirement fund body is the removal of the need for employer approval to link bank account details with Universal Account Number.
To streamline the process of linking bank accounts with UAN, EPFO has now removed the requirement of employer approval after bank verification.
At present, every member is required to link his bank account with UAN to seamlessly credit his PF withdrawal into such account.
During FY 2024-25, 1.3 crore members have submitted their requests for linking their bank accounts, and after due matching with the concerned bank/NPCI, the request is approved by the employer through DSC/E-Sign, the ministry said.
During FY 2024-25, 13 million EPFO members submitted requests for linking their bank accounts, and the request has to be approved by the employer after proper matching with the respective bank, which takes a total of 16 days which increases the workload at the employer level and results in delay in the process.
Out of 77.4 million members, who are currently contributing every month, 48.3 million members have linked their bank accounts with UAN, while 1.49 million approvals are pending at the companies level.
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