An important news has come out for crores of members of the Employees Provident Fund Organization (EPFO). Till now, members had to upload a cancel check to their EPFO account to withdraw money from EPFO, but now it will not happen. Now EPFO members will not need to verify their bank accounts.
The need to upload the photo of canceled check or verified bank passbook was completely removed
This major change in EPFO will directly benefit 8 crore EPFO members and the time taken to settle their claims will be reduced. Also, EPFO will not have much cases pending, which will benefit EPFO and its members. Currently, EPFO members are required to upload verified photocopy of check or passbook check or passbook of bank account checks or passbooks connected to PF account for online withdrawal of funds from PF account. The employer is also required to approve the details of the applicant’s bank account. The Ministry of Labor said in a statement that the EPFO has completely removed the imperative of uploading a check or photo of the verified bank passbook while filing the online claim.
1.7 crore EPFO members benefit
These 2 requirements have been abolished to ease the life of EPFO member and ensure ease of business for employers. It states that these measures will improve a significant improvement in the claim settlement process and there will be a decrease in complaints related to rejection of claims. In these requirements, initially some KYC-titled members were given discounts based on test basis. This measure has benefited 1.7 crore EPFO members since its trial started on May 28, 2024. The ministry said that after successful testing, EPFO has now extended this exemption for all members.
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