New Delhi10 hours ago
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Some withdrawal claims of Employee Provident Fund (EPF) will now be settled in just 3 days. EPFO has introduced auto-mode settlement for advance claims for medical, education, marriage and housing purposes. This will eliminate human intervention and speed up processing.
Till now, claim settlement took roughly 15-20 days. This used to happen because EPFO used to check details like EPF member’s eligibility, documents, KYC status of EPF account, bank account before settling the claim.
In the conventional process that has been going on till now, invalid claims are often returned or rejected. Now in the automated system, they will be sent to the second level for scrutiny and approval, so that no claim is missed.
Know the complete claim process in ten steps:
- EPFO using UAN and password Portal log onto.
- You have to go to ‘Online Services’ and select ‘Claim’ section.
- Verify bank account. Click on Proceed for Online Claim.
- Now a new page will open where PM Advance Form 31 has to be selected.
- You have to choose from which PF account you want to withdraw money.
- Reason for withdrawing money, how much money has to be withdrawn and address to be filled.
- After this process upload the scanned copy of check or passbook.
- Now you will have to give your consent and verify it with Aadhaar.
- After the claim is processed, it will go to the employer for approval.
- Subscriber can check the claim status under online service.
Do not withdraw money from EPF fund unless it is very necessary.
Money management experts believe that one should avoid withdrawing money from EPF unless absolutely necessary. Interest is being given on this at the rate of 8.15%. The larger the amount withdrawn from EPF, the bigger the impact will be on the retirement fund.
According to the approximate calculation, if you have 30 years left for your retirement and now you withdraw Rs 10,000 from your EPF account, then it will have an impact of Rs 1,14,000 on your retirement fund. That means you will get so much less money at the time of retirement.
