The Employees' Provident Fund Organization (EPFO) has made a big change for its members. Till now, to withdraw money from EPFO, members had to upload a cancelled cheque to their EPFO account, but now this will not happen. Also, now EPFO members will not need to verify their bank account.

This big change of EPFO will directly benefit 8 crore members of EPFO and it will take less time to settle their claims. At the same time, EPFO will no longer have many pending cases, which will benefit EPFO and its members.

No need to upload a cheque and passbook

Currently, the members of the Employees' Provident Fund Organization (EPFO) have to upload a verified photocopy of the cheque or passbook of the bank account linked to the UAN (Universal Account Number) or PF number, while applying for online withdrawal of funds from PF accounts. It is also mandatory for employers to approve the applicant's bank account details. The Labor Ministry said in a statement that EPFO has completely abolished the need to upload a photo of a check or verified bank passbook while filing an online claim.

Some KYC updates still required

These two requirements have been abolished to ensure ease of life for EPF members and ease of doing business for employers. It said that these measures will significantly improve the process of settlement of claims and reduce complaints related to rejection of claims.

These requirements were initially exempted on a trial basis for some KYC-updated members. Since its trial launch on May 28, 2024, the move has already benefited 1.7 crore EPF members. The ministry said that after successful testing, EPFO has now provided this exemption for all members.

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