EPFO does two key requirements away to submit claims | Mint

The government announced two important reforms on Thursday to facilitate the claim for the settlement of the employee’s provident fund (EPF). Members had to provide a checkbook or a bank pass book to apply for the claim. You don’t have to do it anymore. You also no longer need the employer’s approval to connect your bank account with your Universal Account Number (UAN). To submit an EPF claim earlier, your bank verification had to be executed, without which the claims application was not accepted. It required you to upload a bank control with your name printed on it or testify to a passbook with a photo and by a bank manager. Also read: EPFO ​​changes this rule for Aadhar-linked UAN: Employers’ approval does not need to update details? “Lack thereof would lead to the rejection of your application. This was one of the most common reasons for rejections, ‘says Kunal Kabra, founder and CEO of Kustodian.Life, a technical firm that offers EPF, banking, wills and trusts. “Doing this requirement is a welcome step.” “Since Bank KYC is already a compulsory requirement, which provides a canceled check at the time of the claim added only to the discharge in the system,” he said. Statements on bank verification and fraud protection Adarsh ​​for Singh, founder of consultant firm Nidhi Niyojan, said there is no clarity whether the verification of the initially embedded bank account number as KYC requirement will continue or be released. He also emphasized that the Employee President’s Organization (EPFO) must follow a process to protect subscribers from fraudulent claims if it takes away the bank verification procedure. Also read: EPFO ​​claim processing via UPI to become a reality soon? Here is what you need to know “the EPFO ​​should define which process will be followed to protect the money from the subscribers that are not fraudulently screened, if you have checked the bank account details with the NPCI database to confirm the link between the account and the UAN,” Singh said. Similarly, earlier if one had to sow their bank account with their UAN, they needed the employer’s permission to effect it. It was a problem and was kept away. “It’s also a welcome change because it never made sense to involve an employer in the approval of your bank account with the EPFO,” Kabra said. The first reform is expected to benefit 8 crore EPF subscribers, while the second will benefit from 15 LakH EPF subscribers, Labor Minister Mansukh Mandaviya. Also read: £ 1 Lakh to £ 5 Lakh: Report “News for PF government is likely to increase the EPFO ​​claim restriction of RS Lakh Lakh:> Good news for PF investors, the government is likely to increase the EPFO ​​claim restriction from £ 1 lakh to £ 5 lakh: report between a procedural reform and Epfo’s attention. connected, and match the name of the father with pan, while withdrawal in the first place should not be a need, ‘says Kabra.