The Employees’ Provident Fund Organisation (EPFO) has in the recent months taken several initiatives to make life easier for PF subscribers.
The Employees’ Provident Fund Organisation (EPFO) has introduced two key simplifications in its claim settlement process which will significantly streamline the process of claim settlement and reduce grievances related to claim rejections.
EPFO has said that these steps have been taken towards enhancing the Ease of Living for EPF members and Ease of Doing Business for employers.
1. Removal of Requirement to Upload Image of Cheque Leaf / Attested Bank Passbook
EPFO has completely dispensed with the requirement of uploading an image of a cheque leaf or attested bank passbook while filing online claims.
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Pilot Project For Removal of Requirement to Upload Image of Cheque Leaf
This requirement was initially relaxed on a pilot basis for certain KYC-updated members. Since its launch on 28th May, 2024, the move has already benefited 1.7 crore EPF members.
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Why EPFO Decided To Remove Requirement to Upload Image of Cheque Leaf?
As the bank account holder’s name is already verified with the EPF member’s details at the time of bank account seeding with the Universal Account Number (UAN), this additional documentation is no longer necessary.
EPFO Decision 2. Removal of Requirement of Employer Approval for Seeding Bank Account Details with UAN
To streamline the process of seeding bank accounts with Universal Account Number (UAN), EPFO has now removed the requirement of employer approval after bank verification. Currently, every member is required to seed his/her Bank Account with UAN in order to get their PF withdrawals seamlessly credited to such account.
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1.3 cr members submitted requests for seeding Bank A/c during FY 2024-25
During the FY 2024-25, 1.3 crore members have submitted their requests for seeding their Bank Accounts and the requests after due matching with the respective Bank/NPCI are to be approved by the Employer through DSC/E-Sign.
