EPF Withdrawal: This EPFO service may help PF regulator to contain premature money claims
EPF Withdrawal: The EPFO has recently launched multi-location claim facility services that will enable the EPF account holder to withdraw money from any of the regional offices in India.
EPF Withdrawal: The Employees' Provident Fund Organisation (EPFO) has recently launched multi-location claim facility services that will enable the Employees' Provident Fund (EPF) account holder to withdraw money from any of the regional offices in India. So, from now onward, if an EPFO subscriber wishes to withdraw money from EPF account, they can apply for money withdrawal from any of the regional offices close to their location. According to the tax and experts' view, this multi-location claim facility will help employees continue with the same EPF account even after the change in job location.
Speaking on the latest EPFO facility to the EPF subscribers, Manikaran Singhal, a SEBI registered tax and investment expert said, "Generally, people wish to withdraw EPF when they switch their job or both job and the job location. In that case, people used to withdraw EPF money as it would have become a cumbersome task for them to come back to that location and apply for the EPF withdrawal." Singhal said that due to this facility, people would prefer to continue with their existing EPF account with their new employers even when their is change in their job location.
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Another tax and investment expert Jitendra Solanki said, "Now, due to the change of job location, people will not have to worry as to how they will be able to fish out money from their EPF account." Solanki said that now people can continue with the same EPF account with various employers irrespective of their job location changes and at the time of retirement, they can claim their PF withdrawal from the nearest EPFO regional office.
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