EPFO: You will not have to submit these 2 documents to withdraw money from EPFO, 8 crore people will be directly affected..
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 will speed up the settlement of claims. Also, the process will become easier for employers.
Earlier, EPFO members had to upload a photo of a check 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 eliminated, making the claim process simpler. The Ministry of Labor said that this change has been made especially to ensure 'ease of life' for EPFO members and 'ease of business' for employers.
This facility was earlier started on a trial basis on 28 May 2024 for select KYC-updated members. During this period, more than 1.7 crore EPFO members got the benefit of this. After successful testing, now this facility has been implemented for all the members, due to which the process of withdrawing PF has become faster and easier than before.
What is EPFO
The 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, to which the employer also contributes.
Pension Scheme - The employees' Pension Scheme (EPS) also comes under EPFO, which provides pension after retirement.
Insurance Scheme - It also includes the 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 checks, PF transfers and withdrawal.
UAN Number – EPFO gives a Universal Account Number (UAN) to every employee, through which he can access his PF details anytime.
Disclaimer: This content has been sourced and edited from News 18 hindi. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.
