PF News Latest: EPFO has removed the requirement of uploading a copy of cancelled cheque for online PF withdrawal. This decision will provide immediate benefits to over 8 crore members and will make the process faster.
The Employees’ Provident Fund Organisation (EPFO) has announced a major change for its members. Under this, now there will be no need to upload a copy of a cancelled cheque or get the bank account verified by the employer to withdraw PF online. This decision will directly benefit more than 8 crore EPFO members. This will make the process of withdrawing PF faster and easier.
New change
Earlier, EPFO members had to upload a copy of the cheque or passbook linked to the bank account to withdraw money from their PF account. The account had to be verified by the employer. But now there is no need to do both these things. This will make it easier and faster for employees to withdraw their PF.
Benefits
- More than 8 crore employees will get immediate benefits.
- The PF withdrawal process will become more transparent and faster.
- The verification responsibility on employers will be reduced.
- More and more people will benefit from EPFO’s digital services.
When was this facility implemented?
This amendment was launched on a pilot basis for a select few KYC-updated members on 28th May 2024. During that period, more than 1.7 crore EPFO members successfully availed this facility. Now this facility has been implemented for all EPFO members.
What is EPFO and its functions?
EPFO (Employees’ Provident Fund Organisation) is an important organisation of the Government of India which manages the provident funds of the employees in the country. It operates under the Ministry of Labour and Employment.
Major scheme
Provident Fund (PF): A certain amount is deducted from the salary of the employees and deposited in the PF account and the employer also contributes to it.
Pension Scheme (EPS): Employees receive a monthly pension after retirement.
Insurance Scheme (EDLI): Financial assistance is provided to the family of an employee in the event of his death.
Online Services: EPFO members get the facility of checking PF balance, transferring PF and withdrawing PF online.
Universal Account Number (UAN): Every EPFO member is given a UAN through which he can easily view his PF information online.
Purpose of the government
The Labour Ministry has clarified that this change has been made for ‘ease of life’ for EPFO members and ‘ease of business’ for employers. This will enable employees to gain more control over their PF funds and withdraw them easily as and when required.
The new decision is a big relief for employees!
This change is a big relief for EPFO members as it will enable them to access funds immediately in their difficult times. With this new decision of EPFO, both employees and employers will get the benefit of easy and fast services.
