PF: Changes in the rules for withdrawing funds from the account, you have to do this work
EPFO changed this rule-> In the wake of the coronavirus epidemic, the country has been locked down till May 3. In such a situation, if you need money, then you can withdraw from your Provident Fund (PF) account. EPFO shareholders can withdraw 75% of their savings or a maximum of three months of basic salary and dearness allowance from their PF account.
EPFO changed this rule
However, the EPFO has made some changes regarding withdrawals, ranging from date of birth to bank account numbers. You have to enter the full account number form while filing the claim. Whereas earlier only the last four digits of the bank account had to be filled in to verify the account.
Changes in rules to improve the date of birth
Employers who collaborate in PF have been given the facility by EPFO to improve their date of birth in the record, though this is conditional. According to the instructions given to the Regional Offices of EPFO, any PF member can change their date of birth. But there should be a difference of 3 years between the date recorded in the Aadhaar card and PF account.
The money will come to your account in 72 hours
Special Employment for Employee Provident Fund (EPF) claims are being made under the priority coronavirus withdrawal scheme. According to EPFO, claims are being settled by auto mode on online claims under Kovid-19 and the money will get into your account in just 72 hours.
Settlement of 1.37 lakh clearance claims
EPFO has settled 1.37 lakh withdrawal claims worth Rs 279.65 crore to provide relief to the shareholders during the lockdown. Recently, the Ministry of Labor had said that shareholders have started receiving withdrawal money from them. The EPFO has settled these claims in ten days. The EPFO said that in its system, claims of fully Know Your Customer (KYC) compliant shareholders are being settled in less than three days.