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Know how the withdrawal of money from PF becomes 'easy'?

Monday - August 5, 2019 11:28 am , Category : WTN SPECIAL
Rules for withdrawing the amount of PF changed
Rules for withdrawing the amount of PF changed

Withdraw of PF amount now to be available only online!

AUG 05 (WTN) - As you know that the provident fund has a lot of importance for employers. The provident fund is very useful at the time of retirement or at the time of need when you are in the job. But, it has been seen that the rules of withdrawing money from the Provident Fund are quite strict. At the same time, the process of withdrawing money from the PF is also very difficult, due to which many people have to face the problems. But for your information, let you know that now withdrawing money from the EPF (Employee Provident Fund) has become conditionally easier.

As you know that the Provident Fund is like a retirement plan for employed people. It is said that the benefit of investing money in PF is available in the long term. For your information, let you know that the money of the entire period of the job is collected in the PF, and this whole amount is received at the time of retirement while on the claim of the PF. It has been observed that earlier people used to transfer their funds while changing the jobs, but now it has been seen that more applications are being received for withdrawal of money in EPFO.

Due to the excessive withdrawal of money from the EPFO, now the process of withdrawing the PF has been simplified. But for your information, let you know that a few days ago the EPFO had made changes in another rule. You will not be able to withdraw the PF money manually that means in the offline mode after this change. However, there is a condition for this that only after following this condition, you will be able to withdraw money online.

According to the new rules, if the Aadhaar number has been linked to the Universal Account Number (UAN) of the EPFO, then the provident fund can’t be claimed the offline for withdrawal of the PF money. That is, now the Employees Provident Fund Organization (EPFO) has refused to accept the offline claim in the case of linking the Aadhaar numbers with the Universal Account Number.

This means that if your Aadhaar number is linked to the Universal Account Number (UAN), then you have to make online claim for the PF money withdrawal. Actually, this decision has been taken, because the EPFO's field office faced a significant increase in the cases of offline claims. This is because many companies were claiming members PF claims through physical form in large numbers, whose Aadhaar number is linked to the UAN. Since the PF claims had come to in heavy numbers, the work load in the EPFO field office was increasing without any reason. Keeping this in mind, this kind of decision has been taken.

It was seen that due to the offline claim, the claim settlement was delayed; after which the EPFO has decided that the companies' offline claims will not be accepted. The EPFO has advised companies to use the online claim service platform only to withdraw the PF. The EPFO has also cleared it in its circular that if a member files a claim both online and offline, then only the online claim will be accepted.

For your information, let you know that while claiming for online PF, you will have to feed your Universal Account Number (UAN) and password. After doing so the member will have the option to submit the claim. After submitting the online PF form, the withdrawal form will not have to be submitted to the company. The field officer will automatically verify the claim after the online claim is made. For this to happen, but it is necessary that the member must complete KYC on the Unified Portal.

It is clear that now the online premium will be accepted instead of offline application for the withdrawal of the PF if your Aadhaar number is linked to the Universal Account Number (UAN). Therefore, we suggest you that if you have not completed all the necessary procedures, including KYC on the EPFO website, then complete it so you will be able to claim online for the PF only after completion of all these formalities.