EPFO: Employees Provident Fund Organization (EPFO) is bringing a big relief for employed people. Now you will not have to go through long waits or complicated processes to withdraw PF money. Union Labor Minister Mansukh Mandaviya has recently clarified that under EPFO 3.0, soon employees will be able to transfer PF amount directly to their UPI linked bank account. Testing of this new technology has also been completed.
EPFO has already started auto-settlement for claims up to Rs 5 lakh, which has accelerated the pace of withdrawals. However, to avail this wonderful facility, your EPFO record must be absolutely correct. If there is any flaw in your account, the money may get stuck despite the new facility. Let us understand what important tasks you should complete before the start of this new system.
UAN activation is the most important condition
The first step to avail any digital facility related to PF is your Universal Account Number (UAN). If your UAN is not yet active, you will not be able to do normal KYC, let alone withdrawal through UPI. Therefore make sure that your UAN is fully activated. If you have forgotten your old password or your registered mobile number has changed, then update it without any delay. At the last moment, this small mistake can become a big hindrance.
There should not be any discrepancy in KYC details.
PF claims get stuck the most in those cases where there is a difference in the information about the name, date of birth or gender of the employee. Keep in mind that the complete information in your EPFO record should match exactly with your Aadhar card. Along with this, it is very important for your PAN to be linked and verified with UAN. If PAN is not verified, heavy TDS may be deducted on taxable withdrawals. This may also cause problems in digital verification.
Mobile number including bank account must be accurate
Since now money will be transferred directly through UPI, your bank account information should be absolutely accurate. It is mandatory for your account number, IFSC code and account holder name entered on the portal to be correct. If there is a mistake in the spelling of a closed bank account or name, the payment will stop. Also ensure that your UPI ID is active. In UPI transactions, identity has to be proved through OTP. Therefore, it is very important that your Aadhaar, UAN along with UPI, the same active mobile number is registered at all three places. This makes the verification process much faster.
Don’t forget to keep your job records updated
Be sure to check the complete records of your previous jobs in your EPF account. Many times the date of leaving the old company is not updated or the old PF account is not linked to the new account. In such a situation, there is unnecessary delay in settling the claim. Apart from this, keep your e-Nomination also complete. If the nominee has to be changed after the addition of a new member in the family, change in dependents or marriage, then update it immediately so that the claim process does not get complicated in case of an emergency.
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