- By Aditya Pratap Singh
- Thu, 16 Jan 2025 02:04 PM (IST)
- Source:JND
EPFO New Rule For KYC: In a significant measure, the EPF Organization is going to implement self-attestation facility for KYC verification for its 8 crore active subscribers from June 2025. Part of great reforms, the self-attestation facility will allow employees to do away with the process of seeking employer approval to finalize the KYC process, thereby facilitating greater convenience and speed for the members in the conduct of their EPF accounts.
Simplifying the KYC Process
Till date, it is the employer's responsibility to authenticate the KYC details of the members with respect to their UAN numbers. The facility for self-attestation would now allow the members to validate it at their end, and such delays arising each time when a company goes into shut-down mode or fails to revert in time are likely to get reduced. It is going to make it that much simpler, reduce the procedures, and minimize the rejections of EPF claims for lack of KYC formalities being incomplete.
The self-attestation facility will also form part of the EPFO 3.0 project- a massive IT backbone overhaul professed to improve service delivery to its members. The digital upgrade should help the EPFO in dealing with the expected increase in its membership base to 10 crore after the introduction of Employment Linked Incentive schemes.
As the IT systems are stronger in shape, EPFO is focusing to deliver quick and efficient services to its members so that it ensures periodical work and user satisfaction.
Withdraw Provident Fund Without Filing Claims
A notable addition that will be incorporated under the bank-plus-EPFO 3.0 system would be the 'border-less' withdrawal system. The Ministry of Labour and Employment plans to introduce before March 2025 a mechanism under which the subscriber can withdraw an amount directly from his or her EPF corpus without filing a claim. This is being readied for introduction by the beginning of the fiscal year 2025-26, which would provide easier access to funds at times of need.
The minister of labor, Mansukh Mandaviya, ensures the smooth transaction process through which the EPFO subscribers can easily draw their hard-earned money without much delay and hassle.
These reforms mark a significant step in the right direction toward the modernization of the services offered by the EPFO and towards providing millions of Indian workers with financial empowerment.