More than 7 crore Employees’ Provident Fund (EPF) account holders will experience immense relief due to the two key reforms mandated by the Employees’ Provident Fund Organization (EPFO). These amendments will ensure faster, easier, and much less stressful payment settlements for the working class throughout the country.
No More Uploading of Cheques or Passbooks
Yes, you read that right. In one of the much-anticipated changes, all EPFO members can now file their online PF claims without the mandatory uploading requirement of scanned copies of cheques or bank passbooks. This is live for all EPFO members, not just a selected few.
Earlier, uploading a cheque image or a validated copy of the passbook always became a stumbling block in processing claims, thereby causing delays or rejections. That step is now gone, thanks to this new EPFO update — keeping the process on track and free of unwanted paperwork.
According to reports, this feature was on a pilot run since May 28, 2024, and has already been availed of by over 1.7 crore members. Due to its successful operation, this reform has now been extended to all EPFO subscribers by the Union Ministry of Labour and Employment.
Simplified Bank Account Linking with UAN
The second fascinating update refers to the simplification of the process of linking the bank account with the UAN (Universal Account Number).
In the past, even with bank verification done, it was a cumbersome process for members, as they needed to wait for the employer’s approval. Therefore, once the bank verifies the account, it directly gets linked to a UAN without employer approval.
This is especially helpful for anybody who wants to update their bank detail. The account can now be changed with ease using the new account number and IFSC code with Aadhaar OTP verification.
A little over 4.83 crore EPFO members have linked their bank accounts so far, while 14.95 lakh requests are still pending at the employer’s level. This new rule intends to quickly eliminate those backlogs and thus help members transfer funds without delay.
What This Means for You
These two significant changes are not just policy changes; they represent a sea change for millions of salaried employees across India. This is why it matters:
- Faster Claim Settlements: The less documentation and the simpler the process, the faster your claims can now be processed.
- Fewer Rejections: Said need for scanned cheques or passbooks has been removed, thereby considerably cutting down on common mistakes that lead to rejection of claims.
- Convenient Bank Linking: Just with an OTP, get your bank account updated or linked with the UAN with ease and utmost safety.
Conclusion
The EPFO reforms are a timely and significant step toward making retirement savings easier, transparent, and employee-friendly. With over 7.74 crore contributors, it is more than a matter of convenience; it is a matter of utmost necessity.