In a major move aimed at simplifying the PF withdrawal and EPFO online claim process, the Employees’ Provident Fund Organisation (EPFO) has announced two important reforms. These steps will make it easier and faster for millions of EPF members to access their PF amount withdrawal benefits and will also reduce the burden on employers.
If you’re someone who regularly checks their EPF balance or plans for a PF claim, these updates are going to make your experience smoother. Let’s dive into what has changed and how it benefits both employees and employers.
What is EPFO and Why Does it Matter?
The Employee Provident Fund Organisation (EPFO) manages the Employee Provident Fund (EPF), a social security scheme that helps salaried employees save for retirement. Every month, a portion of your salary is deducted and added to your EPF account, along with a matching contribution from your employer.
You can track your employee provident fund balance using the EPFO portal, check your PF balance, and even apply for PF withdrawal online through your UAN member log in.
What's New? Key Reforms Introduced by EPFO
1. No More Uploading of Cheque Leaves or Passbook Images
Earlier, EPF members were required to upload scanned images of their cheque leaf or a copy of their bank passbook while filing a pf claim. This often led to rejections due to poor image quality or mismatched details.
Now, this requirement has been removed for all members.
- The change was initially tested for KYC-verified users and benefited over 7.7 crore people since May 28, 2024.
- It is now available for all members who have updated their bank details linked with their Universal Account Number (UAN).
- This means faster EPF withdrawal processing and fewer claim rejections.
Importance of this Reform
Around 6 crore members will benefit immediately. No more paperwork or image uploads, and your PF amount withdrawal will be quicker and stress-free.
2. Employer Approval Removed for Bank Account Seeding
Until now, once a member seeded their bank account with UAN, the employer had to approve it digitally through a DSC (Digital Signature Certificate) or e-Sign. This caused significant delays—on average, 13 extra days after the bank had already verified the account.
Here’s the update:
Employer approval is no longer needed after bank verification.
- Around 14.95 lakh requests were pending with employers due to this bottleneck.
- This reform will now allow faster bank account seeding and help members get their EPF withdrawal credited without delays.
- New or updated bank accounts can now be authenticated using Aadhaar OTP.
Importance of this Reform
This update supports over 36,000 daily requests for bank seeding and will drastically cut down the waiting time. Members can now use the EPFO portal for bank account updates with minimal effort.
How these Changes Affects You?
Whether you’re checking your EPF balance, filing a PF claim, or initiating a pf withdrawal online, these changes will help:
- Faster claim settlements
- Reduced paperwork and hassles
- Fewer rejections due to technicalities
- No more employer dependency for bank verification
How to use these Benefits as an EPF Member?
1. Update Your KYC Details
Ensure your Aadhaar, PAN, and bank account are updated and verified in your member portal UAN.
2. Use UAN Login in EPFO Portal
Go to EPFO Member Portal and log in with your UAN login credentials to check your status, apply for pf withdrawal online, and more.
3. Track Your PF Balance Check
Use the EPFO app, portal, or even SMS services to keep track of your employee provident fund balance.
EPF vs PPF – A Quick Note
While EPF is for salaried employees with employer contributions, Public Provident Fund (PPF) is a government-backed savings scheme open to all. Both are tax-saving and long-term financial tools, but EPF has the added advantage of employer contributions and direct payroll deductions.
The Crux
The Employee Provident Fund Organisation is taking giant steps to improve the experience of its members. With these latest reforms, the PF withdrawal and EPFO online claim process becomes faster, more efficient, and truly paperless.
If you haven’t updated your bank details or explored the EPFO portal, now is the time! These changes are part of a broader push for Digital India and ‘Ease of Living’ for citizens.
Frequently Asked Questions (FAQs)
How many days it will take for PF final settlement?
The final settlement of your Provident Fund (PF) typically takes around 15 to 30 days after the application is submitted. However, the exact duration can vary depending on factors like the employer’s processing time, the completeness of your documents, and the EPFO office’s workload. It’s a good idea to follow up with your employer or EPFO office if the process is taking longer than expected.
Can I withdraw 100% of PF?
Yes, you can withdraw 100% of your Provident Fund (PF) balance if you are leaving your job, retiring, or permanently relocating to another country. If you’re changing jobs, you can choose to transfer the PF balance to your new employer’s account rather than withdrawing it. However, before withdrawing, ensure that you meet the necessary conditions and be aware of any tax implications or documentation required for the process.
What is PF claim status under process and will be settled shortly?
When the PF claim status shows as “under process and will be settled shortly,” it means that your application has been received by the EPFO and is currently being reviewed. The processing of the claim is in progress, and the EPFO is working on finalizing the settlement. The “settled shortly” part indicates that the process should be completed soon, but the exact time frame can vary depending on the workload at the EPFO office. If the status remains unchanged for an extended period, it’s a good idea to follow up with the EPFO or your employer.
