EPFO Rules: PF account holders are happy, EPFO changed these big rules..
EPFO takes new steps every day to provide convenience to its subscribers. Recently, EPFO has issued a circular. According to this circular, EPFO is preparing a Standard Operating Procedure (SOP) to freeze and de-freeze UAN. Under this SOP, those EPF accounts from which fake transactions or fraud are expected to happen will have to go through the process of verification.
The account verification process changed.
In this process, there are several steps of verification for MID, UAN, and institutions for the account. Through this verification, it will be ensured whether the amount present in the EPF account (PF account interest rates) is secure or not. According to the information given by EPFO, now any subscriber or foundation will get an additional 14 days from 30 days for account verification (PF account rules). This means that where earlier 30 days were given for verification, now it can be extended to 14 days.
What is the freezing of EPFO accounts?
According to EPFO, freezing of EPF accounts means deactivating several categories. In simple language, it means deactivating some facilities of EPF account. EPF accounts freeze includes the following categories.
Logging in on the unified portal
Developing a new UAN
No changes can be made to the member profile and employer DSC (EPF account KYC)
Any deposit made in MID through Appendix E, VDR Special, or VDR Transfer-in.
Claim settlement, fund transfer, or withdrawal (PF account activation)
Registration of a new foundation through PAN or GSTN
How to get EPFO accounts deferred
In EPFO de-freezing, the account is frozen during verification. It also includes many categories. Verification is required to defreeze the EPFO account (PF account defreeze).
In category A, identification and contact is done by the head office for UAN or foundation. (EPFO rule change)
Category B includes any change in profile or KYC.
In category C, UAN can be submitted without authority approval (PF account balance check) through Appendix E, VDR Special, Special 10D, VDR Transfer-in, etc.
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