EPF withdrawal rule changed! Employees won't be able to take out their Provident Fund money this way anymore
Majority of us do not understand the rules associated with PF, and come face to face only when withdraw the PF amount or get it transferred.
EPF withdrawal update: Most employees remain unaware of the developments related to provident fund, and they are merely concerned about the amount being deducted as Provident Fund (PF) from their salary. Majority of them do not understand the rules associated with PF, and come face to face only when they withdraw the PF amount or get it transferred. In such a situation, they are required to carefully read regulations related to the PF. Recently, the EPFO has made changes in a rule, and after this new provision, you will not be able to withdraw the PF through offline mode. However, there is a condition for this also.
What is the change in rule
If your Aadhaar number is linked to the EPFO's Universal Account Number (UAN), you will not be able to get your PF withdrawal claim offline. The Employees Provident Fund Organization (EPFO) has refused to accept the offline claim in such case. Thus, if your Aadhaar is linked to UAN, you have to make an online claim. Regional Commissioner NK Singh told Zee Business online that the EPFO has taken this decision due to rising cases of offline claim in the field office.
Why EPFO took this decision
According to NK Singh, the EPFO has issued a circular in this regard because many firms were getting bulk claims of those members, whose Aadhaar is linked to the UAN, through the physical Form. Since such cases were burdening the field office along with delay in claim settlement, the circular has directed not to accept offline claims. The companies have been advised to use online claim service platform.
Only online EPF withdrawal claims will be settled
According to the EPFO circular, if a member files a claim both online and offline, only the online claim will be accepted and settled.
लाइफ इंश्योरेंस प्रोडक्ट्स में हुए बदलाव ग्राहकों के लिए कितने फायदेमंद? देखिए #IDBI फेडरल लाइफ के MD और CEO विग्नेश साहने से अनुराग शाह की खास बातचीत।@anuragshah710 @IDBIFed pic.twitter.com/mhSWzsqFhh
— Zee Business (@ZeeBusiness) July 18, 2019
How to make EPF withdrawal online: Follow the steps given below for Provident Fund settlement.
1. To submit EPF withdrawal online claim, you need to visit the EPFO website-ttp://www.epfindia.com/site_en/
2. You will find an online claim option on the homepage
3. Click the online claim option to open the page--https://unifiedportal-mem.epfindia.gov.in/memberinterface/ link
4. The member will be required to feed his Universal Account Number (UAN) as well as password
5. After completing this, you will find claim settlement option
6. You will not be required to to submit the withdrawal form with the company
Notably, you are not required to submit an EPF withdrawal form with the company. Field Officer will automatically verify your online claim, but for this, your KYC must be complete on the unified portal.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.