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EPFO Alert: The Workers’ Provident Fund Organisation (EPFO) oversees the Workers Provident Fund programme, which is supposed to supply retirement advantages to all private-sector staff. Each EPFO member who enrolls within the EPF plan is given a 12-digit quantity often called the Common Account Quantity, or UAN.
UAN is required for all EPF actions, together with updating balances on passbooks, advance withdrawals, and even ultimate settlement after retirement.
Whereas PF funds generally is a beneficial asset in retirement, they will not be adequate to cowl your entire non-working years.
In the meantime, it’s essential to additionally know that your EPF account can get closed routinely and you may be barred from withdrawing your financial savings quantity — here is why.
When does your EPF account get closed?
In case your outdated firm closes down and you haven’t transferred your EPF quantity to your new firm’s account or when there isn’t a transaction within the EPF account for 36 months, then the account will probably be closed routinely after 3 years and it will likely be added to the EPF’s inactive accounts portfolio.
Not simply that, you may need to run from pillar to put up to withdraw your cash. Nonetheless, you’ll be able to withdraw your financial savings quantity by way of a financial institution KYC. Notably, you’ll obtain curiosity on this inactive account too.
Who will confirm the account?
To settle a declare linked to dormant PF accounts, the declare have to be licensed by the person’s employer. Nonetheless, if an worker’s agency has closed down and there’s no one to validate the declare, the financial institution will certify 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, and Driver’s Licence. As well as, another government-issued id card, equivalent to Aadhaar, will be utilised for this function. Following this, the Assistant Provident Fund Commissioner or different officers will probably be authorised to approve a withdrawal or account switch from the accounts primarily based on the quantity.
If the quantity is greater than Rs 50,000, the cash will be withdrawn or transferred after the approval of the Assistant Provident Fund Commissioner.
Equally, if the quantity is greater than Rs 25,000 and fewer than Rs 50,000, then the account officer will have the ability to approve a fund switch or withdrawal. If the quantity is lower than Rs 25,000, then the dealing assistant will have the ability to approve it.
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