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• EPFO in the process for the convenience of its members
• PF withdrawal facility through ATM and UPI
• Main benefit of EPFO’s new initiative

EPFO Change Update: Employees Provident Fund Organization i.e. EPFO ​​is continuously taking steps towards simplifying the claim settlement process for the convenience of its members. Along with this, it will introduce facilities like PF withdrawal through ATM and UPI. Currently, in the background of all these developments, it is likely to see another major change to the retirement fund. What exactly is going to change is the “text-align: justify;”> Fuel Crisis : Govt Announces ‘Blackout’, Not A Drop Of Petrol – Diesel Left In ‘This’ Country, Now…?

Main benefit of EPFO’s new initiative

According to the updated information in this regard, preparations are underway to automate the process of settling the claim for the final amount of PF. Once this system is implemented, the process of transferring PF amount to the bank accounts of the members after leaving the job will be significantly accelerated.
At present, EPFO ​​uses automated mechanism only for redressal of advance claims up to Rs 5 lakh; For such claims, a maximum time limit of three days is fixed from the date of filing of the claim. The main advantage of this new initiative of EPFO ​​is that members no longer have to wait for a long time to withdraw their entire PF funds after leaving the job.

Statement of EPFO ​​Commissioner

According to a PTI report, a senior official associated with EPFO ​​has confirmed that the change will be implemented soon. With the membership of Employees Provident Fund Association exceeding 7 crores, this upcoming change is very good news for all the members. Speaking at a national seminar organized by ASSOCHAM on the New Labor Code, EPFO’s Central Provident Fund Commissioner Ramesh Krishnamurthy explained, “We are currently in the process of automating claims settlement as much as possible. This facility was so far available only for withdrawal of advances, but soon this automated process is expected to be implemented for settlement of final PF claims as well.” By making this statement, he explained the process.

No form is required for this process

Krishnamurthy added that if a member changes his owner, EPFO ​​is introducing the facility of automatic settlement and transfer of his PF account. He mentioned that members are no longer required to fill any form for this purpose. “We are working hard to automatically transfer your funds to your new member account,” he said.
According to the EPFO ​​Commissioner, under the new legal framework, three schemes Employees Provident Fund Scheme 1952, Employees Deposit-Linked Insurance Scheme 1976 and Employees Pension Scheme 1995 will be re-notified. He commented, “We have not made any drastic changes; rather, we have tried to incorporate all the lessons learned from past experiences. All the decisions passed recently by the Central Board of Trustees which include various reforms like simplifying the PF withdrawal process. We have incorporated these provisions into the new schemes.”
‘No injustice to employees’

There will be no injustice to the workers

Speaking on the occasion, Union Labor Secretary Vandana Gurnani said that the guiding principle of the government is to ensure that no injustice is done to the workers. He added that the onus is now on the industry to see these reforms not just as a ‘to-do list’ but as a genuine step towards creating a happy, healthy and productive workforce.

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