The Employees Provident Fund Organization (EPFO) has made a new change in its rules. According to this new directive, the online claim will have to be done on the withdrawal of more than Rs. 10 lakhs from the Provident Fund (PF). This is a good step towards making by EPFO to make itself a paperless organization.
Even for online application of Rs 5 lakh, online application is necessary,
apart from this, EPFO has made online application compulsory for the withdrawal of more than five lakh rupees from Employee Pension Scheme (EPS) 1995. Under the Pension Scheme, there is provision for withdrawal of partial amount of pension. This is called conversion of pension money.
At present, EPFO shareholders are permitted to file a claim online manually. An official said that this decision was decided in the meeting held on January 17, 2018 under the chairmanship of the Central Provident Fund Commissioner. The official said that the field offices have been told that if the amount of withdrawal from PF is more than Rs. 10 lakhs then the claim should be accepted online only.
Similarly, if the withdrawal amount is more than five lakh rupees in the Employees Pension Scheme, then only accept online claims. Before making a claim online, the shareholder’s bank account should be linked and verified to the system. The number of EPFO shareholders is more than 60 million. It manages the fund of more than Rs 10 lakh crore.
