PF Account: Big Replacement For 7 Crore PF Account Holders, EPFO Changes The Rules.
EPFO declares settlement: The Employees' Provident Fund company (EPFO) has currently applied crucial reforms to simplify and accelerate the declared settlement method, bringing outstanding relief to the employees.
This can assist in addressing the complaints of claim rejection.
Elimination of the want to add a scanned reproduction of the check or bank passbook-
Beneath the new rules, the EPFO has eliminated the requirement to upload a picture of a check or confirmed bank passbook at the same time as submitting a web claim, a good way to benefit over 7.7 crore individuals.
In line with the government, this requirement was first of all added on a pilot basis for some KYC-updating participants. Since its launch on 28 May 2024, 1.7 crore EPFO members have benefited from it thus far.
Applicable to all participants—
The Union Ministry of Labour and Employment stated that once the success of the pilot challenge was achieved, this facility has now been implemented for all individuals. The authorities stated that after a member links a bank account with a time-honored account range (UAN), the name of the account holder is already demonstrated with the EPFO information, so this additional documentation is now not necessary.
Other than this, to simplify the system of linking financial institution accounts with UAN, EPFO has also eliminated the requirement of corporation approval after bank verification. Currently, every member is required to link his bank account with UAN so that his PF withdrawal can be easily deposited into such an account.
Financial institution bills of more than four crore members related
At a glance, out of 7.74 crore participants who contribute each month, 4.83 crore members have related their bank bills with UAN, and 14.95 lakh approvals are pending at the employers' degree.
The ministry said, "Those reforms may also facilitate the ones individuals who need to change their formerly linked financial institution account with the aid of coming into their new bank account variety alongside the IFSC code through Aadhaar OTP."
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