Changes to PF rules, claims settlement of more than 10 lakhs will be from online application only
If your Provident Fund (PF) account is more than Rs. 10 lakhs then you have to apply online for claim settlement. For this, Employees Provident Fund Organization (EPFO) will no longer approve a physical form. This step has been taken to prevent fraud in the claim.
More than 5 lakh pension claims online
Besides, if your Employee Pension Scheme (EPS) is more than Rs. 5 lakh in the account, you still have to apply online. In this also the physical form will not be approved.
– Explain that Implior Employee shares 12 percent of Basic Salary in the PF account. 8.66 per cent of this goes into EPS.
Why not risk fraud in online?
– EPFO’s Central PF Commissioner VP Joy told moneybhaskar.com that the risk of fraud in more than Rs 10 lakh PF claim remains. In this way we have taken this step to reduce the risk of fraud. In online mode, the PF claim will be able to claim the same claim based on the system. There will be no scope for any kind of fraud.
Apala will be able to do this with amusement app
– Joy says that visiting the website of Apon App or EPFO can be applied online for claim.
– In order to claim settlement in online mode, the PF members’ bank account must be in the EPFO’s data base. The EPFO’s system will verify the bank account details before the settlement settlement.
What was so far?
– EPFO members can apply for PF or EPS claim in both online and offline mode.
More than 5 million EPFO’s active members
At present, EPFO has 5 million active members. EPFO has recommended 8.55% interest on PF deposits for financial year 2017-18.