EPFO’s New Scheme for Online PF Withdrawal Application to Start Soon !!- Here are the Details
Employees’ Provident Fund Organization(EPFO) keeps trying to make sure that employees can withdraw their PF amount in easy and hassle free manner . EPFO’s upcoming online PF withdrawal scheme proves that the process of withdrawing money will become lot more easier to all. More that 6 crore PF subscribers are to be benefited from this facility.
Online PF Withdrawal – How Will it Work ?
As soon as EPFO will launch this scheme, the subscribers will have a option to apply online for PF amount withdrawal. This option is supposed to be appearing in the subscriber’s dashboard page. All you need to do is, use the option correctly. As soon as this facility will be live, we will update exact steps that are to be followed.
Manual Vs Online PF Withdrawal –
As per the current system, the EPFO subscribers need to apply manually to get the PF amount. The upcoming online facility is going to replace this manual system and will provide ease of access to the subscribers. However an important step that needs to be done before the launch is, linking of UAN with aadhaar card and bank account.s per the reports currently on 12 percent UAN have been linked with aadhaar card. An official mentioned that this number should exceed to 40 percent for this online process to initiate.
UAN Linking With Aadhaar Card and Bank Account
Online facility should be secure and fast. Linking of UAN and aadhaar card will be a great step towards the security and verification of each and every subscriber. EPFO has given directions to the subscribers regarding linking of their UAN with respective bank accounts as well as with the aadhaar card. This seeding process will ultimately be helpful in providing better services.
EPFO Meeting – 24th July
- ON friday, 24th of July the whole agenda of providing the online facility and other topics like capping PF withdrawals was discussed.
- The online PF withdrawal facility is supposed to be up and working in the upcoming 3 months.
- During the meeting, it was proposed that premature PF withdrawals should be capped at 75 per cent for EPFO subscribers at any given time till the age of 58.
Providing an online facility the subscribers is surely going to be beneficial for more that 6 crore people. However the government should make sure that the details of the subscribers are seeded with aadhaar and bank accounts. This will be helpful in verification of the user details and in the proper and successful implementation of the process.
What do you think ? Will this step be helpful? Share your reviews by leaving your comment below.