EPFO New Rules Details: The Employees Provident Fund Organization (EPFO) has made the process of withdrawing money from PF account even easier, so that the employees do not face any kind of trouble at the time of claim settlement.
According to the new rule, now the employees will neither need a cancel check nor the employer will have to verify the bank account to settle the PF claim online.
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Work will be done through Aadhaar OTP
The Ministry of Labor gave information about this new rule on Thursday. According to this, no longer will have to upload a photo of check or bank passbook while claiming online for EPFO.
Apart from this, the need for 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.
Why need to bring a new rule?
Earlier many times, due to uploading documents with poor image quality, claims used to be rejected, which delayed the process of claim settlement. In view of this problem, the government has now implemented a new rule by eliminating two needs. This will benefit about 7 crore members of EPFO.
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What will happen now?
Under this new process, when bank account details are uploaded from UAN, the member's name is verified. There is no need for more documents for this.
Millions of cases pending with employer
According to the information, in FY 2024-25, about 1.3 crore members requested bank seeding for claim settlement. In many of these cases, the claim settlement was also delayed due to delay in getting approval from the employer.
In addition, about 14.95 lakh cases are pending with the employer. This change has been made to settle such cases at the earliest through claim settlement.
Trial has been going on for a long time
To make the process of claim settlement easier, the trial of changing the process of submission of image of bank passbook or cancell check is being run from 28 March 2024. It was earlier brought as a pilot project, which benefited about 1.7 crore members. So now it has been implemented for all members. After this, the process of claim settlement will be easier for the PF account holder.
