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Sunday , 22 October 2017
Breaking News

Now withdraw from Provident Fund (PF) through a single form

Aiming to make it easier for people to manage their Provident Fund accounts, the Employees’ Provident Fund Organization (EPFO) has introduced several user-friendly features. For a variety of claim transactions such as withdrawal, advance facility, etc., people will now have to fill only a single form. Earlier, multiple forms had to be filled, which was quite a hassle for people.

Further, an EPFO subscriber can now fill the single form and directly approach EPFO without the need to get the form or any document attested by the employer. This facility will be applicable when the Provident Fund account is seeded by Aadhaar number and bank account number. Also, if a subscriber needs advances from the PF account, no other document will be required except the single page composite form.

It may be noted that Aadhaar number seeding is now mandatory for all PF subscribers and pensioners. The last date for seeding the accounts with Aadhaar number is March 31, 2017. To make the transactions even simpler, the EPFO has plans to make such services available online. The online facility for transactions can be launched as early as May 2017. With the online facility, claims can be settled within just a few hours. This would be hugely beneficial for subscribers considering that the current stipulated time for settlement is 20 days.

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