EPFO News Update New Delhi : There is big news for the nearly 8 crore active account holders of the Employees Provident Fund Organization. EPFO ​​will start self-declaration service for account holders from June 2025. After the self-attestation facility is available in this, employees will not need to take approval from company officials to complete the KYC process.

The KYC process will be simplified.

EPFO account holders have to complete the KYC process once. In which KYC details are linked with the UAN number. Currently, the approval of the company is required to complete the KYC process. The KYC process is currently completed after the approval of the employer. Now, after the self-attestation facility is available under 3.0 from EPFO, completing the KYC process will become easier.

After the new process is started, the account holders will save time to complete the KYC process. Sometimes, due to the closure of companies, the account holders could not complete the KYC process. Due to this, the new facility will reduce the paperwork process. Due to this, the rate of rejection of EPF claims will also decrease.

The process of launching EPFO ​​3.0 is underway. This facility will be launched in it. EPFO ​​will completely improve its IT infrastructure. After the implementation of employment linked schemes, the workload on EPFO ​​will increase.

It will reduce after the launch of 3.0. After the implementation of ELI, the number of EPFO ​​account holders will go up to Rs 10 crore. Therefore, if the IT infrastructure is improved, EPFO ​​can provide better services to its members.

PF amount can be withdrawn without claim

The Ministry of Labour and Employment is going to launch EPFO ​​3.0 by the end of 2025. It will be implemented in 2025-26. In EPFO ​​3.0, a facility is being considered in collaboration with banks. In which EPF subscribers can withdraw funds from their corpus up to a certain limit. Generally, it can be up to 50 percent.

For this, there will be no need to claim from EPFO. Labour Minister Mansukh Mandaviya said that EPFO ​​is creating such a platform, from which employees can withdraw money from PF accounts without any problem.

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EPFO News Update: 8 crore active subscribers of Employee Provident Fund are going to get a big relief in the coming days. EPFO ​​i.e. Employee Provident Fund Organization is going to start Self-Attestation Facility for its subscribers from June 2025. After the start of this process, employees will not need to take approval from their employers to complete the KYC process.

KYC will be done through self-attestation

KYC for Employee Provident Fund (EPF) subscribers is a one-time process that helps subscribers to verify their KYC details while linking them with Universal Account Number (UAN). Currently, approval of the employer is required to complete the KYC process of the employee. After the introduction of self-attestation facility for subscribers, it will become very easy for the members to do this and the time wasted in getting the approval of the employer can be avoided. Many times, the process of KYC for subscribers gets stuck after the closure of companies. With the introduction of this new facility, this paperwork will end and the cases of rejection of EPF claims will also decrease.

This facility will start in EPFO ​​3.0

This facility will be started in the preparations being made to launch EPFO ​​3.0. EPFO ​​is busy revamping its IT infrastructure so that it will be possible to manage the workload that is going to increase on EPFO ​​after the implementation of Employment Linked Incentive Schemes. After the implementation of ELI scheme, the number of EPFO ​​members is expected to increase to 10 crores. With the improvement in IT infrastructure, EPFO ​​will be able to provide better services to its members.

Provident fund can be withdrawn without any claim

The Ministry of Labor and Employment can launch EPFO ​​3.0 by the end of March 2025 and it will come into effect from the new financial year 2025-26. Under EPFO ​​3.0, it is considering launching a facility in collaboration with banks in which EPF subscribers will be able to withdraw funds from their corpus up to a limit. There will be no need to apply to claim this. Labor Minister Mansukh Mandaviya has said that EPFO ​​is preparing such a platform in which subscribers will be able to withdraw their hard-earned money without any hassle.

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The post EPFO set to introduce self-verification facility to complete KYC process first appeared on Rightsofemployees.com.