New Delhi, Feb 20: The Employees Provident Fund organisation will be introducing the online facility for its subscribers to withdraw the amount of provident fund. Presently, the requests for withdrawal are made manually through a form and the clearance takes 20 days. “The process of connecting all field offices with a central server is going on. We may introduce the facility for online submission of all types of applications and claims like EPF withdrawal and pension settlement by May this year,” EPFO Central Provident Fund Commissioner VP Joy told news agency Press Trust of India.
Here are the five things to know:
- The online facility will bring relief to more than 4 crore subscribers of EPFO. The organisation settles more than 1 crore claims manually for pensions and group insurance benefit by employees.
- The online facility will also enable the organisation settle claims within hours of Submission. Presently, it takes about 20 days to settle the claim.
- The Central Fund Commissioner informed that organisation has already connected 50 field offices with the Central server. The body has plans to connect all 123 field offices for successfully implementing the scheme.
- EPFO has now made furnishing of Aadhar details mandatory. The body has extended the deadline for submitting Aadhaar for its subscribers and pensioners till March 31, 2017.
- According to provident fund norms, 12 percent of an employee’s salary goes into the fund along with a matching contribution from the employer. But 8.33 per cent of the contribution goes into Employees’ Pension Scheme.
Employees Provident Fund Organisation also launched Employees Enrolment Campaign 2017. The scheme offers an opportunity to the employers to voluntarily declare details of all employees deprived of social security benefits under EPFO. The declaration scheme is operational from January 1, 2017, to March 31, 2017. Under the Scheme, the employees’ share of contributions, if declared by the employer as not deducted, shall stand waived. The damages to be paid by the employer in respect of the employees for whom the declaration has been made under this campaign shall be at the rate of Rupee 1 per annum.