EPFO Alert: TThe Workers’ Provident Fund Group (EPFO) oversees the Workers’ Provident Fund programme, which goals to supply retirement advantages to all non-public sector workers. Each EPFO member who enrolls in an EPF plan is given a 12-digit quantity generally known as Common Account Quantity, or UAN.
UAN is required for all EPF actions, together with updating balances in present account books, advance withdrawals, and even closing settlement after retirement.
Whereas PF funds generally is a priceless asset in retirement, they will not be sufficient to cowl all of your non-working years.
On the identical time, you must also know that your EPF account might be robotically closed and it’s possible you’ll be prevented from withdrawing your financial savings quantity – this is why.
When is your EPF account closed?
In the event you shut your previous firm and don’t switch your EPF quantity to your new firm account or when there isn’t any transaction within the EPF account for 36 months, the account can be robotically closed after 3 years and can be added to the EPF inactive account portfolio.
Not solely that, you might have to run from one pillar to a different to withdraw your cash. Nevertheless, you’ll be able to withdraw your financial savings quantity by means of KYC financial institution. Notably, you’ll obtain curiosity on this inactive account as nicely.
Who will confirm the account?
To settle a declare linked to dormant PF accounts, the declare have to be authenticated by the person’s employer. Nevertheless, if the worker’s firm is closed and there’s no one to validate the declare, the financial institution will authenticate the declare utilizing KYC papers.
KYC paperwork
The next KYC papers are required for verification: PAN Card, Voter ID Card, Passport, Ration Card, ESI ID Card, Driving Licence. As well as, another government-issued ID card, comparable to Aadhaar, can be utilized for this goal. Thereafter, the Assistant Provident Fund Commissioner or different officers can be approved to approve withdrawal or switch of account from the accounts on the idea of the quantity.
If the quantity is greater than Rs 50,000, the cash could be withdrawn or transferred after the approval of the Assistant Provident Fund Commissioner.
Likewise, if the quantity is greater than Rs 25,000 and fewer than Rs 50,000, the account clerk will have the ability to approve the switch or withdrawal of funds. If the quantity is lower than Rs 25,000, the dealing with assistant will have the ability to approve it.