Highlights:

1. For EPF subscribers whose Universal Account Number (UAN) is linked to their Aadhaar and bank account number, they can approach the EPFO directly for claims, bypassing the employers

2. In case of full withdrawal from EPF accounts, subscribers are required to mention only their names, registered mobile number, UAN, Aadhaar number, date of joining and leaving the company

3. For partial withdrawals from EPF accounts, subscribers are not required to submit extra documents

With an aim to provide withdrawal ease to its EPF subscribers, retirement fund body Employees’ Provident Fund Organisation(EPFO) has started a simplified one page claim withdrawal form, The Hindustan Times reported.

Employees’ Provident Fund (EPF) allows withdrawal if subscriber is unemployed for at least two months or partial withdrawals for events such as medical emergencies, children’s education or buying a house, cited report on Monday.

For EPF subscribers whose Universal Account Number (UAN) is linked to their Aadhaar and bank account number, they can approach the EPFO directly for claims, bypassing the employers, it said.

Earlier, EPF subscribers had to fill up form 19 for complete withdrawal, form 10C for pension fund scheme certificate to retain membership of Employees’ Pension Scheme or to claim withdrawals, and form 31 for partial withdrawals.

Now, with the EPFO’s introduction of the new form called the composite claim form all forms have been merged into one. It has launched two types of EPF withdrawal forms- Aadhaar and non-Aadhaar forms.

The Aadhaar-based composite form is meant for individuals who have activated their UAN and linked it with their Aadhaar and bank account number, and whose details are embedded in the UAN portal, the news report said.

According to the report, in case of full withdrawal from EPF accounts, subscribers are need to mention only their names, registered mobile number, UAN, Aadhaar number, date of joining and leaving the company.

Moreover, for partial withdrawals, there is no longer need of extra documents. Subscribers have to mark the purpose for which they need the money and how much. Sign the form, attach a cancelled cheque and then the subscribers can go ahead.

The non-Aadhaar form needs details of EPF subscribers such as date of birth, father’s name and bank account details. It has to be signed by subscribers and their employers.

The report citing the new form further stated that for partial withdrawals subscribers do not have to submit proof.

For instance, if partial withdrawal was for a wedding (of self or children), EPF subscriber had to give supporting documents such as the wedding invitation card. In the new form, subscriber’s signature is enough. But there is a disclaimer at the bottom which states that if the funds are used for any other purpose, the subscriber is liable to return the money with penal interest.

But if partial withdrawal is for a medical emergency, subscriber still need to submit proof like medical certificate and certificate by the employer that employees’ state insurance (ESIC) facility is not available to the member, it added.

EPFO plans to launch an online facility from May this year for withdrawals, but this can only be used by individuals with Aadhaar and bank account-linked UAN, cited the report.

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Press Information Bureau
Government of India
Ministry of Labour & Employment

19-December-2014 18:53 IST

Shri Bandaru Dattareya chairs 205th meeting of Central Board of Trustees of EPF

Claim settlement period reduced from 30 days to 20 days

Union Minister of State (IC) for Labour & Employment, Shri Bandaru Dattareya, today chaired the 205th meeting of CBT, EPF in New Delhi. The meeting was attended by representatives of employers, employees, the Central Governments and State Governments.

During the meeting, certain important issues were deliberated and decisions taken. It was decided that a separate Committee shall be constituted for looking into the question of deployment of EPFO funds for low cost housing, especially matters related to investment. It was decided that ultimate aim would be to benefit the EPF subscribers by providing avenues for housing. It was decided to allow EPFO to open accounts with other nationalized banks in addition to State Bank of India so as to facilitate collection of EPF contributions from employers. The Board recommended that necessary enabling provisions may be made in the scheme. In a major decision, the Board also recommended that the maximum permissible time for EPF claim settlement be brought down from the existing 30 days to 20 days thereby providing quicker service to the subscribers. The challenges posed in the existing investment environment was also discussed by the Board and it was decided that in order to maximize the yield on investment, an expert Committee shall be constituted for making appropriate recommendations. A mechanism for regulating the investments made by exempted funds shall also be worked out by an expert Committee.

The annual report for the year 2014 in respect of EPFO was approved by the Board. As per the report, on an average single day in EPFO, 211 establishments are newly registered and 1,16,206 members are enrolled. Rs 379 crore is received as contribution and Rs. 174 crore is disbursed to beneficiaries. Also, on an average, every single day 49,344 claims are settled and 5.43 lakh member accounts are updated. Also, the organization disposes 778 pubic grievances every single day.

The Board also approved the Revised Estimates for the year 2014-15 according to which 79,377 crore are received (expected) as contribution showing an increase of 14.77%. Out of the above, Rs. 59,346 crore is expected as EPF contribution, Rs. 19,000 crore as pension contribution and Rs. 1,031 as EDLI contribution. Likewise, income (administrative charges) is expected to be Rs. 4,905 crore which is an increase of almost 16% over the last financial year.

SOURCE- PIB

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