EPFO speeds up claim process

New Delhi: Retirement fund body EPFO on Thursday said applicants seeking withdrawal from provident funds online do not have to upload the image of a cancelled cheque and their bank accounts need not be verified by employers.The move is expected to fast-track claim settlement process for nearly eight crore members and ensure ease of doing business for employers.

At present, members of Employees’ Provident Fund Organisation (EPFO), while applying for withdrawal of funds from PF accounts online, need to upload image of cheque leaf or attested photo copy of the passbook of the bank account seeded with the UAN (Universal Account Number) or PF number. The employers are also required to approve the bank account details of the applicant. The EPFO has completely dispensed with the requirement of uploading an image of a cheque leaf or attested bank passbook while filing online claims, the labour ministry said in a statement.

These two steps have been done away with to ensure ‘ease of living’ for EPF members and ‘ease of doing business’ for employers. These measures will significantly streamline the process of claim settlement and reduce grievances related to claim rejections, it stated. These requirement were initially relaxed on a pilot basis for certain KYC-updated members. Since the pilot launch on May 28, 2024, the move has already benefited 1.7 crore EPF members.

Following the successful pilot, EPFO has now extended this relaxation to all members, the ministry said.