EPF Withdrawal: Get your Provident Fund claim cleared in just 3 days
EPF withdrawal for the salaried individuals is soon going to become easy as they would be getting their PF (Provident Fund) settled in a mere 3 days.
EPF withdrawal: Employees Provident Fund or EPF withdrawal for the salaried individuals is soon going to become easy as they would be getting their PF (Provident Fund) settled in a mere 3 days. The EPF Office or EPFO is working fast in this regard. Sources at the EPFO revealed to Zee Business that earlier employees used to get their PF transferred to their new employer at the time of switch but in recent years, due to rise in job opportunities leading to higher rate of attrition among the employees, application for PF transfer has gone very high and hence the entire exercise is to clear all such applications at a faster rate.
Speaking on the development Sunil Barthwal, Commissioner at EPFO said, "Soon, we are going to make arrangement in which PF settlement would be done within 3 days. For this, we are working on the introduction of an e-inspection system that would make our job faster." However, Barthwal went on to add that due to the lack of proper stats and data, EPFO is unable to generate 12 digit UAN number of the employee. So, the EPFO is relying on the employee's database for PF accounts and UAN generation. So, KYC is a must for those who want their PF settlement within 3 days. What PF account holder needs to do in the KYC process is to add their Aadhaar Card number and bank account number with their PF account or UAN. The PF account holder should also register his or her mobile number with their UAN.
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So, it is mandatory for the PF account holders to do their KYC by linking their Aadhaar number and bank account number with the UAN. If it's done, one can apply for PF settlement by logging it to the official EPFO website unifiedportal-mem.epfindia.gov.in. Afterward, one needs to click on the Aadhaar-based claim submission tab. Then there will be various options and the PF account holder can choose the option of his or her choice. After that, the EPFO will send OTP on the EPF subscriber's registered mobile number. After entering the OTP, the PF claim form will get submitted. After submission of the PF claim, the process will begin and the PF amount will be disbursed or transferred within 3 days.
According to the CII (Confederation of Indian Industry), the EPFO is also working on cutting down the time taken by inquiry and is planning to complete all its inquiries within two years.