Details about New EPFO Services
EPFO’s New facility for online PF withdrawal application to start soon!!- Check out for the details below.
Employees’ Provident Fund Organization (EPFO) has come forward to make sure that employees can withdraw their PF amount from the companies in easy and hassle free manner. And, that’s the prime concern; EPFO’s upcoming online PF withdrawal scheme proves that the process of withdrawing money will become a lot easier to all. More than 6 crores PF subscribers would get benefit from this service.
HOW ONLINE PF WITHDRAWAL WILL WORK?
As soon as EPFO launches this scheme, the subscribers will have the choice to apply for PF amount withdrawal online. This option will appear on the customer’s dashboard page as well. All you need to do is, use the option correctly. As soon as this service is live, we will update the further steps that you can follow.
MANUAL VS ONLINE PF WITHDRAWAL
As per the current scenario, the EPFO subscribers apply manually to the system for getting the PF amount. But, the future online facility will replace this manual system and will provide ease of access to the users. However, a necessary step that needs to be done before the launch is, linking of UAN with Aadhaar card and bank accounts. As per the reports, currently, on 12%, UAN have been linked to Aadhaar card. An official mentioned that this number should exceed 40% to initiate this online process.
UAN LINKING WITH BANK ACCOUNT AND AADHAAR CARD
An online facility would be secure and fast. Linking of Aadhar Card and UAN will be a prominent step towards the security and verification of each and every subscriber. EPFO has provided directions to the customers regarding linking of their UAN with respective bank accounts as well with the Aadhaar card. This seeding process will turn out to be helpful in providing services way better.
EPFO MEETING – 24TH JULY 2016
▪ On Friday, 24th July 2016 the whole agenda of giving the online facility and other topics like covering PF withdrawals was discussed.
▪ The online PF withdrawal facility is expected to be up and working soon.
▪ During the meeting, it was proposed that premature PF withdrawals should be covered at 75% for EPFO subscribers at any allotted time until the age of 58.
Providing an online facility to the subscribers is surely going to be beneficial for more than 6 crore people. However, the government has to make sure that the details of the customers are linked with Aadhaar and bank accounts. This will be supporting in verification of the user information along with a proper and successful implementation of the process.
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