The remaining funds can be transferred to a new EPFO ​​account upon getting a new job. EPFO ​​has made changes in the withdrawal rules in this regard, making the withdrawal process more simple.

Fund Deposit and Withdrawal Process in EPFO

A salaried person deposits a part of his salary in EPFO, which matures after retirement. However, partial amount can be withdrawn from it from time to time if required.

Under the new rules, any member can apply for withdrawal of his deposit amount online. There is a provision for withdrawal of funds for education, purchase or construction of a house, marriage, or medical expenses.

90% withdrawal facility up to one year before retirement

According to the new rules, any employee can withdraw up to 90 percent of his total deposit amount one year before retirement. For this, the minimum age of the member should be 54 years. This provision is beneficial for those who are approaching retirement and need money immediately.

Provision of tax benefits

If an employee contributes to EPF for five years, he can get the benefit of tax exemption at the time of withdrawal. TDS (Tax Deducted at Source) will also be applicable on maturity. However, if the withdrawal is less than Rs 50,000, TDS will not be deducted. 10 percent TDS will be deducted on submission of PAN card, while in the absence of PAN card, this deduction will be 30 percent.

Online Application Process

EPFO members can use the EPF portal or Umang app to withdraw their funds. After submitting the application, the amount is transferred directly to the bank account upon approval from the employer. Along with this, members can also check the status of their application online, which keeps the process completely transparent.

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The EPFO ​​has set the time limit for freezing an individual or establishment’s account for verification to 30 days, while this time limit can be extended by 14 days.

Let us know the latest SOP of EPFO ​​regarding freezing and defrizing of Universal Account Number (UAN) of EPF subscribers, which has been issued on July 4, 2024.

What does freezing of EPF account mean?

Freezing means deactivation of several activities under different categories
1. Login to Unified Portal (Member/Employer)
2. Creation of new UAN or linking of MID to existing UAN
3. Any addition or change in member profile and KYC/employer DSC
4. Any deposit through Appendix-E, VDR Special, VDR Transfer-in etc. in any MID
5. Any settlement of claim/fund transfer or withdrawal
6. Registration of new establishment on the basis of same PAN/GSTN etc. including use of Aadhaar/PAN/DSC of employer/authorized signatory.

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De-freezing

De-freezing means that the work which has been stopped has to be restored and found correct after verification within a stipulated time frame.

EPFO said that the categories represent classification of individuals or groups of MIDs/UANs/establishments which require proper verification to ensure security of money to the rightful members.

Category A: MIDs/UANs/Establishments which are identified and notified by the Head Office from time to time.

Category B: MIDs/UANs/Establishments where any fraudulent withdrawal is attempted including alteration of member profile and KYC details in the form of fund transfer or claim to someone other than the actual member.

Category C: MIDs/UANs/where deposits have been made through Appendix-E, VDR Special, Special 10D, VDR Transfer-in etc. without the approval of the competent authority and/or without following the instructions issued in this regard.

The post EPF New Rules: EPFO issued SOP for freezing and de-freezing UAN, know the details first appeared on Rightsofemployees.com.

EPFO ​​recently issued a circular informing that now bank passbook and checkbook will not be required for claims. Subscribers have got relief from this decision of EPFO. The Employees’ Provident Fund Organization ( EPFO ) has changed the rules of EPFO ​​in May. EPFO ​​said that now users will not have to upload a copy of the bank passbook or check leaf while making a claim.

EPFO said that if the subscriber fulfils all the other eligibility criteria then he need not upload the copy of cheque book or passbook.

Why did EPFO ​​take this decision

EPFO said that this will speed up online claim settlement. Along with this, subscribers will also find it easier to submit claim requests. In fact, earlier many EPFO ​​claims were getting rejected due to not uploading a copy of the check book leaf or bank passbook.

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According to the EPFO ​​circular, this decision has been taken to reduce the number of claim rejections. The exemption of not uploading a copy of the check book leaf or bank passbook has been given only in some cases.

These documents will not have to be given for these claims

According to the EPFO ​​circular, only those members who have completed the rest of the validation process are not required to upload the copy of cheque book leaf or bank passbook.

How can you do claim validation

• EPF members can do bank KYC verification online.
• Similarly, members will have to get DSC (Digital Signature Certificate) to complete the bank KYC verification by the employer.
• Aadhaar details of the bank will have to be verified through UIDAI.

How to make a claim online

• Visit the official website of EPFO ​​https://unifiedportal-mem.epfindia.gov.in/.
• Now log in with the help of UAN number and password.
• After this select the claim section and select one of the claim options.
• Now cross verify all the details showing on the screen.
• After this, all the necessary documents (Documents for EPFO ​​Claim) have to be uploaded.
• Now the member has to validate all the information and submit the claim request.
• After this, the process of your claim will be shown on the EPFO ​​portal.

The post EPFO subscribers get relief, these documents are no longer required for the claim process first appeared on Rightsofemployees.com.