EPFO News Update: 8 crore active subscribers of Employee Provident Fund are going to get a big relief in the coming days. EPFO i.e. Employee Provident Fund Organization is going to start a Self-Attestation Facility for its subscribers in June 2025. After the start of this process, employees will not need to get approval from their employers to complete the KYC process.
KYC will be done through self-attestation
KYC for Employee Provident Fund (EPF) subscribers is a one-time process which helps subscribers verify their KYC details while linking them with Universal Account Number (UAN). Currently, approval of the employer is required to complete the KYC process of an employee. After the introduction of the self-attestation facility for subscribers, it will become very easy for the members to do this and the time wasted in getting the approval of the employer can be avoided. Many times, the process of doing KYC for subscribers gets stuck after the closure of companies. With the introduction of this new facility, this paperwork will end and the cases of rejection of EPF claims will also decrease.
This facility will be started in EPFO 3.0
This facility will be started in the preparations being made to launch EPFO 3.0. EPFO is busy revamping its IT infrastructure so that it will be possible to manage the workload that is going to increase on EPFO after the implementation of Employment Linked Incentive Schemes. After the implementation of the ELI scheme, the number of EPFO members is expected to increase to 10 crores. With the improvement in IT infrastructure, EPFO will be able to provide better services to its members.
Provident funds can be withdrawn without a claim
The Ministry of Labor and Employment can launch EPFO 3.0 by the end of March 2025 and it will come into effect from the new financial year 2025-26. Under EPFO 3.0, in collaboration with banks, it is considering launching such a facility in which EPF subscribers will be able to withdraw funds from their corpus up to a limit. There will be no need to apply to claim this. Labor Minister Mansukh Mandaviya has said that EPAO is preparing such a platform in which subscribers will be able to withdraw their hard-earned money without any hassle.
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