Employees Provident Fund Organization
Employees’ Provident Fund Organization (EPFO) has made many major changes for its more than 7 crore account holders. The purpose of the new rules is to make the process of withdrawing PF fast, easy and completely digital. Now eligible claims will be settled in just three days. Besides, the rules for PF withdrawal have also been made simpler than before, so that employees will be able to get money quickly at the time of need.
Now you will get PF money soon
Under the new rules, EPFO has accelerated the process of claim settlement. Earlier it used to take several days or sometimes weeks to withdraw PF, but now a target has been set to settle eligible cases within three days. Apart from this, the entire process is being made digital, due to which paperwork will be reduced and claims will be settled faster.
Withdrawal rules become easier
EPFO has also simplified many rules related to PF withdrawal. Now the process has been simplified by replacing separate rules for different reasons. In many cases, members will be able to withdraw money from their PF account more easily than before. Even in case of unemployment, employees have been given clearer and simpler rules than before to withdraw the entire amount of their PF.
Focus will also be on savings
In the new system, EPFO has also ensured that the retirement savings of the employees are not completely exhausted. After partial withdrawal, it will be necessary to keep at least 25% of the amount in the PF account. With this, interest will be earned on the amount deposited in the account and employees will have better funds available at the time of retirement.
Digital services will get a boost
EPFO aims to make the entire process more digital and transparent. With the help of less documents, online process and automated system, employees will not have to visit offices again and again. The government believes that with these changes, employees will get quick financial help in case of emergency and services related to PF will become more convenient than before.
What should employees do?
Experts say that EPFO members should keep their UAN, Aadhaar, bank account and other KYC information updated. This will reduce the possibility of delay in online claims. To avail the benefits of the new rules, it is necessary to follow the procedure given on the EPFO portal. The objective of these changes is to provide fast, simple and secure PF services to the employees.
