There is big news for the customers of Employees Provident Fund. Now employees will not need to go to HR to get KYC related to PF done. Employees Provident Fund Commission will implement a new rule from June 2025 through which employees will be able to self-attest. After this process starts, employees will not need to take approval from the company for KYC.
KYC will be done through self-certification
KYC is a one-time process for employee PF accounts, which helps in verification while linking it to the Universal Account Number. Employees will still have to take company approval for this. But now with the new rules of EPFO, people will not need to visit the company for KYC. Many times when companies are closed. Meanwhile, KYC gets stuck and many PF claims get stuck due to lack of KYC. This rule will come in EPFO 3.0 from June 2025.
What is EPFO 3.0 scheme?
EPFO 3.0 will be launched this year, in which priority will be given to boosting IT and infrastructure. Employment related schemes will also be included in this. With the launch of this scheme, the workload of EPFO will reduce and it will also become easier to manage all the accounts. It is estimated that after the launch of EPFO 3.0, the number of its customers will also increase, which is currently around 8 crores. It will be close to 10 crores.
You can withdraw money directly from the bank up to a certain limit
With the launch of EPFO 3.0, people will get many facilities. First of all there will be facility of self attestation. Under EPFO 3.0, such a facility can be started in collaboration with banks, through which EPF subscribers can withdraw money directly from banks up to a certain limit. For this they will not need any kind of application. Regarding EPFO, the country’s Labor Minister Mansukh Mandaviya said that now people will be able to easily withdraw their hard-earned money through EPFO.
