EPFO changes withdrawal rules, may affect you too
new Delhi:
EPFO rules vary as per requirement
Farawhi had changed the withdrawal rules by EPFO
Now again some change rules back.
Sanstha EPFO i.e. Employees Provident Fund Organization, which maintains the retirement fund of employees, has recently changed some of its rules. This change is related to PF account holders of 10 lakh rupees or more. According to the changed rule, EPFO says that a form has to be filled to withdraw more money. This rule has been implemented from 13 April. Earlier, the organization made it mandatory to claim withdrawal of more than Rs 10 lakh from provident fund online.
It is important to note that it is very important for the account holders to be aware of the changes in the instructions and rules issued by the EPFO from time to time for the PF shareholders . Due to this, there is no time to face any problem. Explain that in the last week of February, the Employees Provident Fund Organization made it mandatory to claim online withdrawal of more than Rs 10 lakh from the provident fund. This was another step taken by the EPFO towards making itself a paperless organization. It is believed that some problem has occurred in the recent past due to which this rule has been changed so soon.
Five benefits of PF account, which you will not know till now ..
Apart from this, EPFO also made online application mandatory for withdrawal of more than five lakh rupees from Employees Pension Scheme (EPS) 1995. Under the pension scheme, there is a provision for withdrawal of partial amount of pension. This is called conversion of pension money. At present, EPFO shareholders are allowed to file claims online as well as manually.
An official said that the decision was taken in a meeting chaired by the Central Provident Fund Commissioner on January 17, 2018. The official said that the field offices have been told that if the withdrawal amount from the PF is more than Rs 10 lakh, then the claim should be accepted only online. Similarly, if the withdrawal amount exceeds five lakh rupees in the Employees Pension Scheme, only the online claim can be accepted.
stakeholder’s bank account must be linked to the system and verified before making an online claim. The number of EPFO shareholders is more than six crore. It manages funds of over Rs 10 lakh crore.
Source: uvindianews.com
