EPFO to soon launch online PF withdrawal facility

Here are 8 things you need to know about Online PF withdrawal facility

Highlights

• Facility will ease the process for subscribers
• It will also speed up the processing time
• Important points that you should know

The Employees’ Provident Fund Organization or EPFO is expected to soon launch online PF withdrawal facility. Notably, the launch of this withdrawal facility will not only ease the process for subscribers but will also speed up the processing time. According to a report, the process of connecting all field offices with a central server going on, and the facility is expected to roll out in May this year.

Here are 8 things you need to know about online PF withdrawal facility

1. EPFO has an ambitious plan to settle the claims within a few hours after filing of application.
2. Currently, the PF body take 20 days to settle down all the claims.
3. Do you know retirement fund body currently receives close to 1 crore applications manually for settlement of withdrawal claim?
4. Notably, under a pilot scheme, the provident body has already connected its 50 field offices with central server.
5. The PF body is now planning to link all 123 offices with central server so that people can easily access the online services.
6. Furnishing of Aadhaar has been made mandatory for the subscribers. The body has recently extended deadline for submitting Aadhaar for its subscribers till March 31, 2017.
7. EPFO every year announces interest rate to be on the accumulated provident fund corpus.
8. Notably, PF can be withdrawn after two months from the cessation of employment.

In order to encourage long –term savings, the government has formulated tax laws accordingly. For example: If the withdrawal from a recognized PF happens after five years of continuous, it attracts no tax liability.