EPFO NEW Rules: There is good news for crores of employees associated with Employees Provident Fund (EPF). The Employees Provident Fund Organization (EPFO) has taken a new initiative to simplify the process of withdrawing money online. The move will benefit more than eight crore EPF members and the claim process will be faster and easier. In addition, no fee can be charged to enter or change the nomination in the PPF account.
This work will be done through Aadhaar OTP.
This new rule was informed by the Ministry of Labor on Thursday. According to which there will be no need to upload a check or bank passbook photo while claiming online for EPFO. Apart from this, the requirement of verification from the employer has also been abolished. Now employees will be able to verify the new bank account number and IFSC code through Aadhaar OTP.
Union Minister gave information
Giving information about this new decision on social media, Union Labor and Employment Minister Dr. Mansukh Mandavia said, “We have made two major reforms in EPFO under the leadership of Prime Minister Narendra Modi, which has made the claim process simple, fast and trouble free for crores of EPF members and employers. Members applying to withdraw money from PF will not require the approval of the employer for verification of the bank account. Along with this, the mandatory to upload scan copy of canceled check or bank passbook has also been removed.
Why was the need to implement the new rule?
Earlier, the claims were often rejected due to uploading poor image quality documents. Due to which the claim settlement process was taking a long time. In view of this problem, the government has now implemented a new rule by removing two imperatives.
Under this new process, the name of the member is verified only when the bank account details are uploaded from the UAN. This does not require too much documents.
Decision taken after pilot’s success
According to government data, this exemption was given to some KYC updated account holders under the pilot project in May 2024. Since then, 1.7 crore EPF members have benefited from this. After the success of the pilot project, it has now been implemented to all members.
The post PF withdrawal process became easy, canceled check for online withdrawal, bank account verification not needed first appeared on News India Live | Breaking India News, The Indian Headline, India Express News, Fast India News.
