EPFO Update: PF funds of employees will now come into the account without any hassle, so there will be no need to go through any hassle. EPFO has changed some rules for online withdrawal of money. You will not need verification from the employer for the canceled cheque and bank, which will be convenient for the employees.
The purpose of EPFO’s change is to settle the claim for about eight crore employees of PF as soon as possible. This will make both the employees and the company feel comfortable. According to the Ministry of Labor, on Thursday, it was stated that these steps would make the claim process very easy. Complaints due to claim rejection will be reduced.
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Bank account linked to UAN.
Do you know that out of 7.74 crore active EPF contributors, 4.83 crore have linked their bank account to UAN. About 36,000 requests are received every day for bank account seeding. It takes an average of three days for banks to verify. Employer approval used to take 13 days. This also increased the problem of pending approval.
Know which rules will change.
Now members will not need to upload a cancelled cheque or passbook photo while filing online claims. Employer approval will not be required for bank verification. It has been decided that the employer’s authorization to verify bank account details should be removed.
EFIF members who want to change their previously linked bank account can now enter the new bank account number and IFSC code. This will be authenticated through Aadhaar-based OTP verification.
Know what the benefit will be.
At the same time, the change in rules can eliminate the delay caused by uploading poor-quality or difficult-to-read documents. Earlier, claims used to get rejected due to these reasons. These changes will bring bumper benefits to millions of members. This change was introduced as a pilot project for some KYC updated members on May 28, 2024.
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