EPF Rules: EPFO has changed many rules in May 2024. This has made the process of claim settlement very fast.
New EPF Account Rules in May: Giving a gift to its crores of subscribers, EPFO has made many changes in the month of May. This includes many rules ranging from auto claim settlement to multi-location claim settlement, early death claim settlement, changes in check leaf rules.
Auto-settlement facility introduced
Giving a gift to crores of subscribers, on 13 May 2024, EPFO has started the auto-mode settlement process for advance claims for education, marriage and buying a house. Through this auto claim solution, now the claim will be settled automatically through the IT system without any human intervention. Earlier, settlement through auto mode settlement was started in the year 2020 only in case of illness. EPFO has extended the facility of auto claim under Ease of Living to Para 68K (for education and marriage), 68J (for illness) and 68B (housing) under EPF Scheme 1952.
EPF claims have been expedited
EPFO has informed in its circular issued on 8 May 2024 that Claim Settlement Offices will be started at many places to settle EPFO claims as soon as possible. Through this, Representative Regional Office (DRO) and Associate Regional Office (CRO) will help in settling the claims quickly.
Rules changed for death claim
The Employees Provident Fund Organization (EPFO) has now simplified the rules for death claim of PF account holders. Now in case of death of any PF account holder, the nominee will get the money easily. According to the notification issued by EPFO on 17 May 2024, if the PF account holder dies and his account is not linked to Aadhaar or the information recorded in the PF account does not match the Aadhaar card, then in such a situation also the money deposited in the account will be paid to the nominee. EPFO has said that such a claim will be thoroughly investigated first. For this the regional officer will investigate. After this EPFO will quickly pass the claim.
Changes made in the rules of leaf check
EPFO has abolished the requirement of cancelled cheque or bank passbook for EPF claim settlement. According to the notification issued on May 28, if you do not have a cheque leaf or bank account details, then you can also complete the claim process through online verification of bank KYC, bank KYC verification by the employer through DSC (Digital Signature Certificate). This includes processes like verification of Aadhaar number through UIDAI.
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