EPFO goes hi-tech by planning EPF Online Withdrawal facility
EPFO, Employees Provident Fund Organization, the body that manages EPF in India plans to provide the much –awaited facility of EPF online withdrawal by March-end this year. EPFO has over 5 crore subscribers and is planning to provide a facility wherein the PF claims raised by the employees shall be settled within three hours of receiving an application.
The amount of PF claim shall be directly transferred to the bank account of the claimant.
Central Provident Fund Commissioner K K Jalan was quoted saying “We have written to the Labour Ministry for approvals for starting an online PF withdrawal facility. We are hopeful of launching this by March end after yesterday’s Supreme Court ruling.”
PF and Aadhar Number
The EPFO also plans to extend the voluntary seeding of Aadhar Card to the PF accounts after the decision of the apex court in this week. Once the same is done, cases with such seeding shall be ensured speedy verification. They aim to resolve the cases with seeded Aadhar number within three days as against the mandated period of 20 days. Further the seeding shall also be required for provision of EPF online withdrawal claim facility.
Current Statistics and Pre-requisites for online EPF Withdrawal
For the online PF withdrawal mechanism to work, at least 40 per cent of Unique (portable PF) Account Numbers (UANs) (i.e. 2.24 crore) should be seeded with Aadhaar numbers and bank account details of the subscribers. The current ratio of Aadhar seeding and bank account details of subscribers is far below the minimum requirements.
According to EPFO website, the current statistics are as follows:
|2||Accounts with Aadhar number||
|3||Accounts with Bank details||
EPFO has verified or attested 64.67 lakh Aadhaar numbers and 1.9 crore banks accounts for seeding those with UANs. At present, there are 1.99 crore subscribers who have actually activated their UANs.
Contributed by: Heer Gajjar
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