The Workers’ Provident Fund Organisation (EPFO) has launched a number of updates this 12 months that would have an effect on how salaried staff entry their PF cash, switch accounts after altering jobs and use different EPF-related companies.
A few of these updates are already in impact, whereas others are a part of the retirement fund physique’s broader push in direction of a extra digital and streamlined system. Listed below are 5 vital EPFO developments from this 12 months that salaried staff should know of.
Auto-settlement profit to be prolonged
EPFO plans to increase its auto-settlement course of to incorporate last PF withdrawal claims, a prime official on the retirement physique advised PTI earlier.
“We’re additionally going to provoke, so far as possible, auto-settlement for now…which was (out there) just for advances. Now we’re stepping into for auto-settlement of ultimate withdrawals,” Ramesh Krishnamurthi, Central Provident Fund Commissioner, EPFO, stated at an business occasion in Could.
As of now, solely advance PF claims of as much as ₹5 lakh are processed by means of the auto-settlement mode. Nevertheless, the social safety group is now seeking to prolong the identical system to last withdrawals as effectively, making the method faster and hassle-free for members.
UAN activation shifted to Umang app
New or present EPFO members will not have the ability to activate or generate their Common Account Quantity (UAN) by means of the unified member portal, as each companies have been moved to the Umang app, which now requires Aadhaar-based Face Authentication (FAT).
The overhaul follows a significant database consolidation and software program improve that, in keeping with EPFO, goals to make its on-line companies quicker and extra dependable.
PF switch course of turns into automated
EPFO has made it simpler for workers to switch their PF stability after they change employers. All the course of is anticipated to develop into automated for Aadhaar-linked and KYC-compliant UAN holders, as per EPFO’s web site.
The introduction of this provision is important because it eliminates the necessity to submit separate switch purposes, thus lowering paperwork and extra problem. Beforehand, the switch of PF accounts required approvals from the earlier employer, the brand new employer and the EPFO workplace.
Sooner EPF and EPS declare settlement
The retirement fund physique expects most recent PF withdrawal claims filed by members to be settled on the identical day or inside a most of two days, Krishnamurthi stated in an business summit held final month.
EPS 2026 additionally units a strict 20-day timeline for processing eligible pension claims. If EPFO fails to settle a declare inside this era with no legitimate documented motive, the delayed quantity will appeal to 12% annual curiosity, which may be recovered from the accountable commissioner.
UPI and ATM-based PF withdrawal
Provident fund claim settlement by means of the BHIM app is anticipated to be launched quickly, permitting claims to be credited on to members’ UPI-linked financial institution accounts.
The framework is anticipated to be rolled out inside a few month, Krishnamurthi introduced in July, together with the quicker EPF settlement goal. This implies the ability could also be launched this month, although no additional readability or replace on this improvement has been introduced but.
“As our Minister has stated, the declare settlement course of we can be introducing by means of the BHIM app and the declare can be settled by means of the UPI-linked checking account. So this framework may also get applied in possibly a most of a month,” he stated through the summit.
