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EPFO News Update: 8 crore active subscribers of Employee Provident Fund are going to get big relief in the coming days. EPFO i.e. Employee Provident Fund Organization is going to start Self-Attestation Facility for its subscribers from June 2025. After the start of this process, employees will not need to take approval from their employers to complete the KYC process.
KYC will be done through self-attestation
KYC for Employees Provident Fund (EPF) subscribers is a one-time process that helps subscribers verify their KYC details while linking them with the Universal Account Number (UAN). At present, to complete the KYC process of the employee, approval from the employer is required. After the introduction of self-attestation facility for subscribers, it will become very easy for the members to do this and the wastage of time in taking approval from the employer will be avoided. Many times, after the closure of companies, the process of doing KYC for subscribers gets stuck. With the introduction of this new facility, this paperwork will be eliminated and the cases of rejection of EPF claims will also reduce.
This facility will start in EPFO 3.0
This facility will be started as preparations are being made to launch EPFO 3.0. EPFO is busy in revamping its IT infrastructure so that it will be possible to manage the workload which is going to increase on EPFO after the implementation of Employment Linked Incentive Schemes. After the implementation of ELI scheme, the number of EPFO members is expected to increase to 10 crores. By improving IT infrastructure, EPFO will be able to provide better services to its members.
Will be able to withdraw provident fund without claim
The Ministry of Labor and Employment can launch EPFO 3.0 by the end of March 2025 and it will come into effect from the new financial year 2025-26. Under EPFO 3.0, it is considering launching such a facility in collaboration with banks in which EPF subscribers will be able to withdraw funds from their corpus up to a limit. There will be no need to apply for making a claim for this. Labor Minister Mansukh Mandaviya has said that EPAO is preparing such a platform in which subscribers will be able to withdraw their hard-earned money without any hassle.
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