EPFO Simplifies PF Withdrawals: A Boon for 8 Crore Members

The Employees' Provident Fund Organisation (EPFO) has eliminated the need to upload cancelled cheques or verified bank passbooks for online PF withdrawals. This change aims to expedite claim settlements for 8 crore members and ease employer processes, enhancing efficiency and reducing claim rejections.

The Employees' Provident Fund Organisation (EPFO) has taken a significant step to make online withdrawals more accessible for its members. On Thursday, the retirement fund body announced that members seeking to withdraw from their provident funds will no longer need to upload images of cancelled cheques or have their bank accounts verified by employers.

This move is anticipated to streamline and expedite the claim settlement process for nearly eight crore members of the EPFO, while simultaneously easing the administrative load on employers. By removing these steps, the EPFO aims to address and reduce grievances related to claim rejections stemming from poor-quality or unreadable uploads.

Initially trialed for a select group of KYC-updated members since May 28, 2024, the pilot's success has prompted the extension of this relaxation to all EPFO members. The change is expected to considerably reduce the average processing time, benefiting over 14.95 lakh members with pending approvals. The initiative underlines EPFO's commitment to enhancing 'ease of living' for its vast membership.

(With inputs from agencies.)