Employees Provident Fund Organization i.e. EPFO has made a big change for its members. Till now, members had to upload cancell check in their EPFO account to withdraw money from EPFO, but now it will not happen. Also, EPFO members will not need to verify their bank account.
This major 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, the EPFO will not have much pending cases, which will benefit the EPFO and his members.
No need to upload checks and passbooks
Currently, members of the Employees Provident Fund Organization (EPFO) have to upload a check or verified photo copy of the bank account check or passbook of bank account connected to the UAN (Universal Account Number) or PF number while applying to withdraw money from PF accounts. It is also mandatory for employers to approve the details of the applicant’s bank account. The Labor Ministry said in a statement that the EPFO has completely terminated the need to upload a check or a picture of a verified bank passbook while filing the online claim.
Some KYC-updates are still necessary
These two needs have been abolished to ensure ease of life for EPF members and ensure business ease for employers. It states that these measures will improve a significant improvement in the disposal process of claims and complaints related to the dismissal of claims will reduce.
These requirements were initially exempted on testing basis for some KYC-updated members. Since the beginning of a test on May 28, 2024, 1.7 crore EPF members have already benefited from this move. The ministry said that after successful testing, EPFO has now given this exemption for all members.