PFO makes online claims must for PF withdrawals above Rs 10 lakh

Team Udayavani, Feb 28, 2018, 9:57 AM IST

New Delhi: Retirement fund body EPFO has made it mandatory to file online claims for provident fund withdrawals above Rs 10 lakh, taking another step towards becoming a paperless organisation. The Employees Provident Fund Organisation (EPFO) has also made it mandatory to file online claims for withdrawals above Rs 5 lakh under the Employees Pension Scheme 1995.

Under the pension scheme, there is a provision for part withdrawal of pension, commonly known as commutation of pension money. At present, EPFO subscribers have the option of filing online as well as manual claims for provident fund withdrawal as also for pension.

The decision was taken at a meeting chaired by Central Provident Fund Commissioner on January 17, 2018, an official said. The official said the field offices have been directed to accept such claims online.

The bank account of the subscriber has to be seeded and verified in the system before the online claims can be settled. Moreover, the subscriber should have been issued a universal account number, which must be activated.

The official said that all claims exceeding the said limits would not be accepted in the physical form. The EPFO has over six crore subscribers and manages a corpus of Rs 10 lakh crore.