This decision will speed up the claim settlement process for about eight crore members and will ensure commercial flexibility for job providers.
Currently, members of the Employees Provident Fund Organization (EPFO) have to upload a verified photo copy of a check or passbook check or passbook of bank account checks or passbooks connected to the Universal Account Number (UAN) or PF number while applying for online withdrawal from their PF account. The employer will also have to accept the information of the bank account of the applicant.
The Ministry of Labor has said in a statement that the EPFO has completely abolished the imperative of uploading a check or a photo of a verified bank passbook while filing the online claim.
The EPFO has further stated that these measures will improve significant improvement in the claim settlement process and will reduce complaints related to rejection of claims.
On the other hand, Finance Minister Nirmala Sitharaman has said that no fee will be charged for registering nominees in the Public Provident Fund (PPF) accounts or making any changes.
The Finance Minister wrote on the social media platform X that recently it has been revealed that financial institutions have been charged for entering or replacing a person enrolled in PPF accounts.
The post canceled checks for online withdrawal from the post PF, bank account verification is not required first appeared on News India Live | Breaking India News, The Indian Headline, India Express News, Fast India News.
