EPFO made Online Filing as Mandatory for PF withdrawals exceeding Rs.10 Lakh
Posted on: 28/Feb/2018 12:28:06 PM
Employees Provident Fund Organization (EPFO) is the government owned retirement and provident fund body, dealing more than six crore subscribers. EPFO handles a corpus of Rs.10 Lakh Crore and now the Organization is looking for a complete paperless solution for the transaction of funds.
For the commencement of this process EPFO under the meeting chaired by Central Provident Fund Commissioner on January 17, 2018, announced the mandatory online filing for the Provident Fund PF withdrawals above Rs.10 Lakh. Also the online filing is made mandatory for anyone applying for the withdrawal for Rs.5 Lakh and above under the Employee Pension Scheme 1995.
There is an option called Commutation of Pension money under which a person can apply for part withdrawal of the pension. EPFO works under both the categories of manual and online filing and the latest reports confirmed about the mandatory online filing for these two criteria.
According to the official reports of EPFO the manual application for the fund transaction cannot be made for the amount exceeding Rs.10 lakh and above category for PF and Rs.5 Lakh and above category for applying under Employee Pension Scheme 1995.
The subscriber’s bank account will be seeded and verifies before the online filing is approved for the claim. The Subscriber must have a UAN Universal Account Number to activate their transaction process and for the claim approval for the applied amount.
