According to the government, this change will benefit more than 7.7 crore EPF members and will also reduce complaints and delays related to claims.

Giving information on Thursday (earlier Twitter), Union Minister Mansukh Mandaviya said, “Two major reforms have been brought to make the claim settlement process easy, fast and hassle-free for EPF members and employers.”

Now you don’t need a copy of check leaf or passbook for online claim

EPFO has no longer made it mandatory to upload a photo of a check leaf or attested bank passbook while making an online claim. Earlier this facility was given to some KYC-updated users as a pilot project from 28 May 2024, which has benefited more than 1.7 crore members so far.

Now EPFO ​​has implemented this facility for all EPF members. Actually, when the bank account is linked to UAN (Universal Account Number), the name of the account holder is already verified. Therefore, now there is no need to upload any separate document.
This will reduce claim rejections due to poor image quality and will also reduce complaints from members.

Employer’s approval will no longer be required to link bank account with UAN

Now you will not need the approval of the employer to link your bank account with UAN in EPFO. EPFO ​​has removed this rule, which has made the process much easier than before.

Earlier, when someone linked their bank account to EPFO, after verification from the bank, employer’s approval was also required. Bank verification took only 3 days, but getting employer’s approval took an average of 13 days. Every day about 36,000 people submit such requests, which was unnecessarily increasing the load on the system.

This change will immediately benefit about 1.49 lakh members whose bank linking requests were still awaiting employer approval. Currently, out of 7.74 crore active members of EPFO, 4.83 crore members have already linked their bank accounts.

Now any member can update his new bank account number and IFSC code. For this, only verification with Aadhaar OTP is required, no approval of the employer is required.

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The post EPFO Claim Update: No need for cancelled cheque and verification to withdraw money From PF A/c first appeared on Rightsofemployees.com.

Post Office RD is a 5 year scheme. At present, interest of 6.7 percent is being given in this. But do you know that you also get the facility of loan under the Post Office RD scheme. If you suddenly need money and do not see any way, then instead of breaking any of your schemes, you can fulfill the need of money by taking a loan from Post Office RD. Know here what are the terms and conditions regarding loan on Post Office RD.

If you deposit 12 consecutive installments in the five-year recurring deposit scheme of the post office, then you get the loan facility. That means, to avail this facility, you will have to deposit the amount continuously for at least one year. After one year, you can take a loan up to 50 percent of the amount deposited in your account. You can pay the loan amount in lump sum or in equal monthly installments. 

What is the interest rate?

Interest on the loan amount will be applicable at 2% + RD interest rate applicable on RD account. Interest will be calculated from the date of withdrawal to the date of repayment. If you do not repay the loan on time after taking it, then when the RD matures, the loan amount along with interest will be deducted from it. To avail the facility of loan against RD, you have to fill the application form along with the passbook and submit it to the post office.

Other benefits of Post Office RD

• Post Office RD can be opened with Rs 100, this is an amount which anyone can easily save. There is no maximum investment limit in this.
• You get the benefit of compounding interest on Post Office RD. Interest is calculated every quarter. In such a situation, you get a good profit in the form of interest in 5 years.
• A person can open any number of accounts in the Post Office Recurring Deposit Scheme. In this, apart from single, joint account can be opened for up to 3 persons. There is a facility to open an account in the name of the child also.
• The maturity of RD account is 5 years. But, pre-mature closure can be done after 3 years. It also has the facility of nomination. At the same time, after maturity, RD account can be continued for further 5 years.

The post Post Office RD: You can also take loan against Post Office RD, know what are the rules first appeared on Rightsofemployees.com.

EPFO has told that you will be able to find out through the passbook whether your interest money has been deposited in the PF account or not. You can check PF account online, for which you must have UAN number and password.

EPFO has made it clear that there will be no financial loss for late updating of interest. Updating the interest on the passbook is a process. There will be no actual financial loss on the date on which the interest is recorded in the passbook of the member.

No harm in withdrawing money before interest update

If a member withdraws his EPF balance before the interest is updated in his passbook, in that case also the interest payable at the time of claim settlement is calculated and automatically paid by the system from the date of delivery . Even in this case there is no financial loss to any member.

EPFO interest rate

For the financial year 2023, the interest rate on provident fund of employees has been increased to 8.15 percent. This will benefit more than six crore shareholders of Employees’ Provident Fund.

ईपीएफ सदस्य की पासबुक को ब्याज सहित अद्यतन करने से संबंधित अक्सर पूछे जाने वाला प्रश्न और इसका उत्तर…#AmritMahotsav #ईपीएफ #EPFOwithyou #epf @PMOIndia @byadavbjp @Rameswar_Teli @LabourMinistry @PIB_India @MIB_India pic.twitter.com/3hsL7xmDBF

— EPFO (@socialepfo) May 31, 2023

How to check passbook online?

You can access EPFO ​​passbook online through EPFO ​​website or mobile app. To do this you will need your Universal Account Number (UAN) and password.

Update on Higher Pension

The last date for submission of form under Higher Pension has been extended by EPFO ​​to 26 June 2023. Earlier this month, the labor ministry also cleared that an additional contribution of 1.16 per cent of basic pay for a member opting for higher pension would be barred from employers’ contribution to social security schemes run by the EPFO.

The post EPFO New Update: EPFO’s special message to 6 crore subscribers, information on passbook and interest update first appeared on Rightsofemployees.com.