All that paperwork for withdrawing your provident fund (PF) money may soon be history.
Retirement fund body Employees’ Provident Fund Organisation (EPFO) is hopeful of launching an online PF withdrawal facility by March-end after the Supreme Court extended voluntary use of Aadhaar card to government schemes, including provident fund.
The EPFO has been working on such a facility for online settlement of PF claims within three hours of receiving an application.
ADVERTISEMENT
Once this is operational, subscribers can apply online for PF withdrawal, which will be transferred directly to their bank accounts.
“We have written to the Labour Ministry for approvals for starting an online PF withdrawal facility. We are hopeful of launching this by March-end,” Central Provident Fund Commissioner K.K. Jalan said.
Mr. Jalan said, “We want to launch the PF withdrawal facility and sought certain approvals. But before launching that, we will ensure speedy verification of PF withdrawal cases of those applicants who will mention their Aadhaar in their claims.”
ADVERTISEMENT
“During this month, we will start settling all PF withdrawal claims having Aadhaar numbers within three days against the mandated period of 20 days though the claims will be filed manually only.”